Bitcoin trades near $77,000, and Galaxy Trading considers the market firmly within an accumulation zone. Galaxy analyst Beimnet Abebe expects buyers to look back in March of next year and note the opportunity to buy Bitcoin at $80,000.
On the Galaxy Brains podcast, host Alex Thorn and Abebe noted that Bitcoin usually reaches a bottom around this stage of the four-year cycle. Bitcoin open interest remains unusually low, which Abebe interpreted as limited positioning rather than exhaustion. Abebe cited second-quarter 13F filings showing that macro and basis-trading funds had exited Bitcoin ETF positions. Abebe said long-term holders, including Morgan Stanley Wealth Management and Mubadala, had increased exposure. Abebe expects a similar pattern in third-quarter filings, which become public around November 17. Abebe argued that Bitcoin withstood recent AI-driven market anxiety because short-term traders did not hold Bitcoin positions available to sell.
Bitcoin rose slightly to around $81,200 after the Federal Reserve left interest rates unchanged. Thorn described the response as subdued and said markets had largely anticipated the decision. Fed Chair Kevin Warsh adopted a cautiously hawkish stance and acknowledged that inflation remains above target. Warsh also acknowledged that tighter financial conditions had already affected markets, specifically citing wider credit spreads associated with AI companies. SK Hynix and Oracle released strong results during the Fed meeting. Abebe said those results helped reduce broader concerns about AI-related credit exposure.
Galaxy's head of digital infrastructure, Harry Austin, told Thorn that major banks were roughly "three to four innings" into blockchain infrastructure adoption. Austin expects adoption to take five to 10 years because traditional settlement systems are deeply embedded. Revenue potential, rather than efficiency improvements, remains the main reason institutions approve budgets. Most institutions begin with basic offerings such as spot trading, staking and custody.
Austin said stablecoins and tokenized traditional assets currently provide the clearest reasons for banks to invest in blockchain infrastructure. Austin identified AI agents that directly handle financial transactions as the largest long-term opportunity. Austin said banks remain cautious about those agents.
Galaxy Analyst Predicts Bitcoin Could Hit $80,000 by March 2027
BenzingaShare
Summary
Bitcoin trades near $77,000, with Galaxy noting the market is in a support and resistance zone. Galaxy analyst Beimnet Abebe sees $80,000 as a key buy level by March 2027. Open interest is low, and Q2 13F filings show macro funds exiting ETFs while long-term holders add exposure. Harry Austin says major banks are early in blockchain adoption, with value investing in crypto focused on stablecoins and tokenized assets.
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