Key Takeaways Grayscale says bitcoin may stay weak until September or October if its 4-year cycle repeats. Bitcoin’s historic 80% bear-market losses may matter less as Fed policy drives institutional demand. Grayscale sees a bottom forming if the Fed avoids hikes and U.S. growth holds through 2026. Zach Pandl Says Bitcoin May Have Bottomed if the Fed Avoids Another Rate Increase Bitcoin’s bear market may be closer to its end than historic trading patterns suggest, according to Grayscale, which argues that macroeconomic conditions are becoming more important than the cryptocurrency’s traditional four-year cycle. Zach Pandl, Grayscale’s head of research, outlined …