Bitcoin’s turning point is projected to be only months away. Swan Bitcoin CEO Cory Klippsten predicts the cryptocurrency will bottom in October 2026 before recovering to the $130,000 level ahead of the 2028 halving cycle.
October aligns with historical patterns. Bitcoin peaked above $126,000 in early October 2025. Drawing on market history, Klippsten argues that the bottom typically occurs about 12 months after the peak of the previous bull market has passed.
However, this bottom could potentially happen sooner. Last June, Klippsten noted that Bitcoin could bottom earlier as long-term holders accumulated a record 14.7 million BTC. He warned investors against extrapolating trends based solely on patterns from a few past market cycles. Another prediction came from Markus Thielen at 10x Research, who sees a chance for a confirmed bear-market bottom this August if Bitcoin can close the month above $63,000 - a level that would turn several of their cycle indicators bullish.
This outlook on the price turning point is accompanied by a pessimistic view of the altcoin market.
One Exception in the Altcoin Market
Klippsten claims that altcoins are essentially dead as competitors to Bitcoin’s function as money. In his view, the best achievement crypto projects and DeFi ecosystems can currently hope for is to become part of traditional finance, or TradFi.
Nevertheless, he makes one exception: Hyperliquid. His main reasoning is that centralized crypto businesses will eventually be absorbed into mainstream financial regulations. Hyperliquid proved its appeal by generating $5.9 million in revenue last week, ranking it fifth among the highest-earning DeFi protocols according to DefiLlama data.
The market performance of its token aligns with those revenue figures. TradingView data shows the HYPE token has surged 130% year-to-date, while Bitcoin has actually dropped 28% over the same period.
Other Altcoins Starting to Run Out of Liquidity
The phenomenon of Hyperliquid rising on its own aligns with observations from other market participants. In July, trading firm Wintermute noted that the presence of institutional investors has altered altcoin market dynamics.
Capital flows are no longer spreading evenly across all assets. Altcoin rallies have become narrower and more selective. Liquidity is concentrated in only a handful of assets favored by institutions, while market activity in the back ranks or long-tail areas is weakening.
For retail investors, this shifting dynamic brings real consequences: the old pattern of buying random altcoins and hoping their prices rise together is over, forcing retail buyers to filter their portfolios as rigorously as large institutions.
Reported by Cointelegraph.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
