The short answer: Pomp thinks so. On the October 29, 2026 episode of The Pomp Podcast he said Bitcoin's "very violent puke" from its record near $125,000 was the kind of move that "usually marks the bottom of a bear market," and that the recovery since gives "kind of confirmation that the bear market is likely over." Bitcoin was trading near $77,300 on the evening of October 30, about 39% below its record, so the call is far from proven.
Drawing on The Pomp Podcast, hosted by Anthony Pompliano (anthonypompliano.com), in which Polina Pompliano, founder of The Profile, interviewed Pomp (episode released October 29, 2026).
Bitcoin has spent October stuck around $80,000, and some well-known investors have started calling it dead. On the October 29 episode, Polina Pompliano, founder of The Profile, turned the tables and interviewed Pomp. Her first question: "what the hell's going on with Bitcoin?" Pomp laid out why he thinks the worst is behind it. This piece walks through his argument, what the data says and what could go wrong. Prices are as of the evening of October 30, 2026.
Where is the Bitcoin price right now?
Bitcoin was trading near $77,300 on the evening of October 30, according to CoinGecko. Its record close was $124,824 in October 2025, and it bottomed near $58,500 on June 30, 2026, according to Galaxy Research. That was a drop of roughly 53%. Pomp described it as Bitcoin going "from 125K down to let's call it 60K or so." For more on the bottom debate, see Has Bitcoin Bottomed?
Why does Pomp think the Bitcoin bear market is over?
Because of the shape of the selloff and the recovery that followed. He said Bitcoin had "a very violent puke, which usually marks the bottom of a bear market, and it has recovered back. And so what you have is you have kind of confirmation that the bear market is likely over." Galaxy Research reached a similar conclusion on October 26, writing that it thinks "the bear market ended in June."
Pomp also said the louder the bears get, the better the setup. He named Jason Calacanis and Chamath Palihapitiya among those saying Bitcoin is finished, while adding that he likes both of them and that "they're smart guys." His point was that a gap between fundamentals and the story people are telling is where investors with conviction can be rewarded. More on that: Chamath on Bitcoin going to zero.
What fundamentals is Pomp watching?
Hash rate. "Hash rate is back to almost all time highs," Pomp said, crediting Will Clemente for the observation. Glassnode data cited by BeInCrypto on October 28 put the 14-day average hash rate around 1.06 zettahashes per second, about 6.5% below its record, even as several large public miners move power to AI customers.
New buyers. He pointed to Bitcoin ETFs and to perpetual preferred stock issued by companies like Strategy and Strive. Fidelity Digital Assets says those preferreds have funded 135,979 bitcoin in purchases. Full breakdown: How Much Bitcoin Have Perpetual Preferreds Bought?
Does the fourth quarter of a midterm year help Bitcoin?
Pomp thinks it does. "The fourth quarter of midterms tend to be even stronger," he said, arguing that pre-election uncertainty keeps investors on the sidelines until the vote is over. "So what happens is people basically want certainty." He expects "strength in both equities and Bitcoin" into year-end. That seasonal pattern is usually measured in stocks, not Bitcoin. See How Does the Stock Market Do After Midterm Elections?
Is Pomp predicting $1 million Bitcoin?
Not soon. "I think Bitcoin goes to a million at some point. I just don't think it's going to happen next year," he said. His near-term view is narrower: that the market ends 2026 higher than where it was at the time of recording.
What could go wrong?
Pomp acknowledged the bears could be right. Asked how he knows they aren't, he said "they could be, but that's the risk that you're taking." Since the episode was recorded, Bitcoin has slipped below the "80 to 85K range" he described. And bottoms are only clear in hindsight. Galaxy's own case leans on Bitcoin staying above its 50-week moving average, which it regained in September.
Key takeaways
Pomp believes the bear market is "likely over" after a sharp selloff from a record near $125,000 to a low near $58,500.
He points to hash rate near record levels and new demand from ETFs and perpetual preferred stock.
He expects strength in stocks and Bitcoin into the end of the midterm year.
He thinks $1 million Bitcoin happens "at some point," but not next year.
Bitcoin was near $77,300 on the evening of October 30, below the range he described, so the call is unproven.
Best quotes from this episode
"a very violent puke, which usually marks the bottom of a bear market, and it has recovered back."
"hash rate is back to almost all time highs"
"the fourth quarter of midterms tend to be even stronger"
"I think Bitcoin goes to a million at some point."
FAQ
Is the Bitcoin bear market over?
Anthony Pompliano thinks it is "likely over," pointing to a sharp selloff that has since recovered. Galaxy Research made a similar call on October 26, 2026. Neither can be confirmed until well after the fact.
How far did Bitcoin fall in 2026?
Bitcoin fell from a record close of $124,824 in October 2025 to a low near $58,500 on June 30, 2026, a drop of roughly 53%.
Is Bitcoin hash rate at an all-time high?
Close, but not quite. Glassnode data cited by BeInCrypto put the 14-day average about 6.5% below its record in late October 2026.
Does Pomp think Bitcoin will hit $1 million?
He said Bitcoin goes to a million "at some point," but that he does not expect it next year.
FROM THE HOST
See where bitcoin fits in your own portfolio.
Silvia is a personal AI CFO. Connect your accounts, see your assets and liabilities in one place, and ask questions about your bitcoin and other investments using your own financial context. Access is read-only.
Disclosure: Anthony Pompliano is Chairman and CEO of Silvia, Inc (Nasdaq: SVIA). For educational purposes only; not financial advice.
Watch or listen to the full episode
Hear Pomp make the case that the Bitcoin bear market is over.
"My Biggest Bitcoin Regret Ever" with Anthony and Polina Pompliano, October 29, 2026. The Bitcoin discussion starts around the 1-minute mark.
Sources
About The Pomp Podcast
The Pomp Podcast is hosted by Anthony Pompliano and covers the future of business, finance and technology. The show features Pomp's conversations with founders, investors and economists about bitcoin, markets, AI and the economy. Follow The Pomp Podcast on X.
Subscribe
Get notified for every new Pomp Podcast episode.
Subscribe for free to learn alongside Anthony Pompliano.
This article reflects the opinions of the guests and host as shared on The Pomp Podcast. It is guest opinion, not investment advice. Do your own research before making any investment decision.
