Grayscale's Head of Research, Zach Pandl, suggests that Bitcoin's bear market may have reached its bottom. In a recent article, Pandl argues that Bitcoin has evolved into a macro asset, with its price increasingly influenced by macroeconomic factors such as real interest rates and economic growth, rather than the traditional four-year halving cycle. He notes that historically, Bitcoin bear markets have coincided with periods of slowing economic growth and rising real interest rates, conditions that are currently present. Pandl posits that if the Federal Reserve halts rate hikes and the economy remains stable, Bitcoin's price may have already bottomed out.