Grayscale maintains $58,000 Bitcoin cycle floor forecast

Zach Pandl, head of research at Grayscale, reaffirmed that the $58,000 level reached in late June remains the cycle floor for Bitcoin. Grayscale now advises clients to gain exposure to the asset class, citing structural trends, market cycles, and macroeconomic factors. While Bitcoin currently trades above $76,000, Grayscale also highlighted Zcash as a privacy layer for Bitcoin utilizing zk-SNARKs. The firm noted that the impact of US spot Bitcoin ETFs has helped mitigate drawdowns compared to previous market cycles.