Grayscale research predicts that Bitcoin price for E

Bitcoin price has already formed a durable market bottom to set the stage for the early bull market phase, according to Grayscale Research head and former Goldman Sachs macro strategist. On-chain data is flashing bullish signals for further upward momentum.

BTC hits a 3-month high of $78,417 today as oil prices fall back below $90 a barrel after President Donald Trump extended the US-Iran ceasefire.

Bitcoin Price Bottoms in $65,000-$70,000 Range: Grayscale Research

In a new The Stack article, Grayscale Research head of research Zach Pandl highlighted chain data showing recent buyers returning to breakeven after more than 20% rally from February lows around $63,000.

The realized price for BTC moved over the past 1-3 months is currently near $74,000, indicating that short-term holders are no longer in the red. The head of Grayscale Research says this indicates easing of selling pressure and a shift in investor sentiment, confirming a bottom in the $65,000-$70,000 range.

While Bitcoin price remains well below its October 2025 peak, the recent upward momentum is consistent with patterns seen at the start of previous bull market phases.

“If Bitcoin price rises further in the coming days, more recent buyers will move to positive PnL, which could be an indicator for marking the first phase of a bull market,” predicted Zach Pandl, head of Grayscale Research.

Key bull market index goes neutral for first time in bear market: CryptoQuant

Julio Moreno, head of research at CryptoQuant, echoed the bullish sentiment, noting that the Bitcoin Bull Score Index entered the neutral zone for the first time in this bear market.

However, he cautioned that the Bull Score entered neutral territory for about a week in March 2022. After a week, Bitcoin price resumed its decline. However, the current bullish sentiment comes amid broader signs of stabilization.

Meanwhile, 10x Research highlighted a key divergence as negative funding rates and muted volumes kept the bear case alive, but in April, Bitcoin ETF inflows signaled bullishness.

Investor accumulation occurs earlier in the cycle than in the previous two recoveries. “While it appears that MicroStrategy is the only institutional buyer, this is no longer the case. The on-chain evidence is unequivocal on this point,” it added.

Additionally, Bitcoin price recovery is occurring amid rising liquidity from the US Federal Reserve. BTC broke above top analyst Benjamin Cowen’s bear market resistance band on the weekly chart. This is an important technical level that has historically marked important shifts.

Here are the US Feds total assets.

Note: There was no Bitcoin-centric crash and bear market. There was a US liquidity drain and QE was restarted. Bitcoin followed US liquidity. So does every asset. https://t.co/bcXhFM9mjy pic.twitter.com/mxAROmZdQH

— MartyParty (@martypartymusic) April 22, 2026

Bitcoin price rises as Trump extends US-Iran ceasefire

Bitcoin price rose nearly 3% today and is currently trading at $77,990. The 24-hour low and high are $74,852 and $78,417 respectively. Furthermore, trading volume has increased by 14% in the last 24 hours, indicating an increase in interest among traders. As CoinGape Markets reported earlier, Bitcoin is expected to reach the 100-day SMA at $87,735.

This happened when President Donald Trump extended the ceasefire between the US and Iran. He claims that the US will hold off on its planned attack on Iran to give its leaders time to come up with a proposal.

He added that the US Navy will continue the blockade of the Strait of Hormuz. Oil prices fell below $90 a barrel as the ceasefire was extended.

CoinGlass data showed massive buying in the derivatives market, triggering the recovery in Bitcoin prices. At the time of writing, total open interest on BTC futures has risen nearly 6% to $59.53 billion in the past 24 hours. The 4-hour BTC futures OI climbed 5%, with almost 1% jump on CME and 6% on Binance. This indicates bullish sentiment among derivatives traders.

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