Bitcoin could reach a market bottom in October before beginning a stronger recovery toward $130,000 ahead of the 2028 halving, according to Swan Bitcoin CEO Cory Klippsten.
Klippsten believes Bitcoin may continue following its historical cycle pattern, while he also argues that most altcoins have largely failed to establish themselves as serious monetary competitors to Bitcoin.
Bitcoin Could Bottom in October
Bitcoin reached a record high above $126,000 in early October 2025. Based on previous market cycles, Klippsten believes the cryptocurrency could form its next major bottom roughly 12 months later.
That would place a possible Bitcoin market bottom around October 2026.
Klippsten noted that Bitcoin has historically tended to bottom around one year after major bull-market peaks. However, he also warned that investors should be cautious about drawing firm conclusions from only a limited number of previous cycles.
Bitcoin Could Fall Toward $53,000
Before a meaningful recovery begins, Klippsten believes Bitcoin could experience additional downside.
He suggested that BTC could decline toward approximately $57,000, with the possibility of briefly falling as low as $53,000.
However, he expects such weakness could eventually be followed by a relatively rapid recovery.
His longer-term outlook remains bullish, with Bitcoin potentially climbing toward $130,000 before the 2028 halving.
Long-Term Bitcoin Holders Could Change the Cycle
Klippsten had previously suggested that Bitcoin could reach its bear-market bottom earlier than usual.
One reason is the growing amount of BTC held by long-term investors.
Long-term Bitcoin holders reportedly accumulated a record share of the cryptocurrency’s total supply, reaching approximately 14.7 million BTC.
Greater supply held by long-term investors could reduce the amount of Bitcoin available for sale during periods of market stress, potentially changing the behavior of future market cycles.
Other Analysts See an Earlier Bitcoin Bottom
Not all analysts believe investors will need to wait until October.
Markus Thielen, founder of 10x Research, has suggested that Bitcoin could confirm a bear-market bottom as early as August.
According to Thielen, a monthly Bitcoin close above $63,000 could turn several of the firm’s market-cycle indicators bullish.
That would potentially indicate that the worst of Bitcoin’s current downturn has already passed.
Swan CEO Says Altcoins Are “Basically Dead” as Money
Klippsten expressed a much more negative view toward the broader altcoin market.
He argued that altcoins are essentially no longer credible competitors to Bitcoin as forms of money.
Instead, he believes the most realistic future for cryptocurrency and decentralized finance, or DeFi, is greater integration with the traditional financial system.
In Klippsten’s view, successful crypto companies and protocols may increasingly become part of what is commonly known as TradFi, or traditional finance.
Hyperliquid Could Follow a Different Path
When discussing cryptocurrencies that could outperform the wider market, Klippsten highlighted Hyperliquid as an example.
He argued that centralized crypto businesses with their own tokens may ultimately be treated more like conventional financial institutions.
In his view, companies that resemble exchanges or banks could eventually become integrated into the traditional financial system and regulated accordingly.
Hyperliquid has already become one of the larger revenue-generating platforms in decentralized finance.
The protocol generated approximately $5.9 million in revenue over a recent seven-day period, ranking among the industry’s largest DeFi projects by weekly revenue.
HYPE Token Strongly Outperforms Bitcoin
Hyperliquid’s HYPE token has also delivered significantly stronger performance than Bitcoin so far this year.
HYPE gained approximately 130% year-to-date, while Bitcoin declined around 28% over the same period.
The divergence highlights how selected altcoins can still generate significant gains even while the wider cryptocurrency market remains under pressure.
However, the performance of individual tokens does not necessarily indicate a broad return of the traditional altcoin cycle.
Institutional Investors Are Changing Altcoin Markets
Crypto market maker Wintermute has argued that increasing institutional participation is reshaping the way altcoin rallies develop.
Rather than capital flowing broadly across hundreds of smaller cryptocurrencies, institutional investors appear to be concentrating liquidity in a narrower group of preferred assets.
This has resulted in altcoin rallies becoming increasingly selective.
As institutional participation grows, smaller cryptocurrencies outside this favored group may struggle to attract sufficient liquidity and investor interest.
Bitcoin Outlook Remains Focused on the 2028 Halving
Bitcoin’s next major market phase could therefore depend on whether historical cycle patterns remain reliable.
If Klippsten’s outlook proves accurate, BTC could experience additional weakness toward the $53,000 to $57,000 region before finding a more durable bottom around October.
From there, a recovery toward approximately $130,000 ahead of the 2028 Bitcoin halving could become possible.
At the same time, the wider crypto market may continue evolving toward a more institutional structure, where Bitcoin remains dominant and capital becomes increasingly concentrated in a smaller number of major digital assets and crypto businesses.
