Woofun AI reports that Grayscale Director of Research Zach Pandl outlined two prevailing theories regarding the conclusion of the Bitcoin bear market: the traditional four-year cycle and a macro-factor driven model. While the cycle view predicts a bottom in September or October based on historical halving patterns, Pandl aligns with the perspective that Bitcoin behaves like a mature asset influenced by real interest rates and Federal Reserve policy. He asserts that if the Fed ceases rate hikes and economic growth stabilizes, the Bitcoin price may have already bottomed out.