Zach Pandl, Grayscale’s Head of Research, mentioned that bitcoin’s approximate $58,000 floor near June 30 is still his prediction for the trough of the ongoing bear-market cycle, and added that the investment firm currently encourages customers to invest in the cryptocurrency.
“We have put ourselves out there over the past couple of months and tried to pinpoint the bottom at 58K at the close of June,” Pandl stated to Gareth Jenkinson of The Block during a conversation at the Avalanche Summit held in New York. “That continues to be my perspective that this marked the trough for this bear-market cycle.”
This prediction matches parallel remarks by Coinbase CEO Brian Armstrong, who expressed his opinion on Sept. 10 that bitcoin has reached its cyclical bottom and anticipates a two-year bull run heading into the subsequent halving.
Bitcoin changed hands above $76,000 on Thursday morning, advancing 0.8% across a 24-hour window, based on data from The Block’s BTC price index. The primary cryptocurrency by market valuation sits roughly 39% beneath its all-time high of near $126,000.
Pandl explained that Grayscale applies a three-pronged model when evaluating whether investors ought to position funds into bitcoin. These encompass the long-term architectural trajectory, the current phase of the market cycle, and the overarching macroeconomic environment.
The financial institution views all three criteria as having met the threshold, he noted, citing ongoing cryptocurrency integration alongside digital scarcity, a market that has already moved past a bearish period, and the wider macroeconomic climate.
“From my perspective, every single one of those boxes is ticked at this moment,” Pandl remarked. “Therefore, we are indeed granting the green light to our investors.”
Grayscale on Zcash
Pandl additionally compared Bitcoin against Zcash, a digital asset Grayscale has provided via an investment vehicle for nearly a decade.
His argument regarding Zcash centers on what he characterized as an absent privacy infrastructure within digital money. “Bitcoin requires a privacy layer, digital money requires a privacy layer, and Bitcoin lacks that feature,” Pandl explained.
He noted that distinct blockchains adopt varied structural decisions for distinct participants, with Zcash emphasizing confidentiality at the expense of certain audit capabilities provided by Bitcoin’s open ledger architecture.
Pandl stated that Zcash fills an “undervalued, underexplored structural domain” instead of challenging Bitcoin head-on. Furthermore, he highlighted increasing focus on confidentiality as artificial intelligence grows more advanced, noting that Zcash presents investors with an avenue to take a stance on individual and monetary privacy.
Originally published at https://www.theblock.co/news/markets/2026-09-17-grayscales-pandl-still-sees-bitcoins-58k-low-as-the-bottom-gives-clients-green-light-415346.
