Grayscale Maintains Its Bitcoin Bottom Forecast at $58,000 and Gives Clients the “Green Light”

• Grayscale head of research Zach Pandl believes bitcoin’s roughly $58,000 low in late June marked the bottom of the current bearish phase.
• He said Grayscale is currently giving clients the “green light” to invest in digital assets.
• Pandl also said Zcash could occupy a distinct niche thanks to its focus on privacy.

Grayscale head of research Zach Pandl said bitcoin’s roughly $58,000 low, recorded in late June, remains his call for the bottom of the market’s current bearish phase. He said this in an interview with Incrypted.

According to Pandl, Grayscale assesses whether it makes sense for clients to invest in bitcoin based on three core components: the long-term structural trend, the stage of the market cycle, and the macroeconomic backdrop.

The firm believes all three factors are currently lining up favorably. Pandl pointed to continued adoption of digital assets and their limited supply, the end of the market’s bearish phase, and the current macroeconomic environment.

“In my view, today you can tick every one of these boxes. So we’re definitely giving our clients the green light,” he said.

Pandl on Zcash’s outlook

Separately, Pandl compared bitcoin with Zcash, an investment product based on which Grayscale has offered for about nine years.

His thesis on Zcash is tied to privacy. Pandl noted that digital currencies need a dedicated privacy layer that bitcoin lacks.

He said different blockchains use different architectural approaches for different user groups. Zcash, in particular, emphasizes privacy, partly sacrificing the auditability that bitcoin’s open architecture provides.

Pandl called Zcash an “underutilized and underexplored design space” and noted that the asset does not necessarily compete directly with bitcoin.

He also linked the privacy outlook to the growing capabilities of artificial intelligence. According to Pandl, Zcash could be one way for investors to express a view on personal and financial privacy.

As a reminder, Zcash’s price recently nearly reached the $1,400 mark.

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