TechFlow reported on June 15, citing The Block, that several cryptocurrency funds remain cautious about Bitcoin’s outlook. The institutions mentioned in the report focused on where Bitcoin stands in the current market cycle, where a true bottom may be located, how funds are positioned, and what price ranges could define the end of the year.
David Grider, partner at Finality Capital, said Bitcoin is currently in the mid-to-late downward phase of this market cycle. He expects the real bottom to appear from the end of Q3 to the beginning of Q4 this year, with a bottom range of roughly $45,000 to $55,000. By year-end, he expects Bitcoin to recover to a range of $65,000 to $75,000.
Richard Galvin, executive chairman of Digital Asset Capital Management, described his stance on Bitcoin over the next 12 months as “relatively neutral.” The firm’s directional fund is currently holding its highest cash allocation, while its Bitcoin allocation has fallen to the lowest level since 2022. The positioning described in the report indicates that the fund is not increasing directional Bitcoin exposure at this stage.
Cosmo Jiang, general partner at Pantera Capital, said the four-year Bitcoin cycle could keep the bear market going for several more months. At the same time, he noted that the market is becoming more rational and that prices are increasingly reflecting fundamentals. His view places cycle timing and fundamental pricing within the same discussion.
Jack Platts, founder of Hypersphere Ventures, offered a separate set of year-end reference levels. He expects a base-case Bitcoin price of about $55,000 by the end of the year. In a bear-market scenario, Bitcoin could fall to $40,000, while in a bull-market scenario it could reach $80,000. Taken together, the comments from these funds show that institutional views in the report remain cautious on whether Bitcoin has already found its bottom.