Bitcoin could reach its cycle low in October before recovering toward $130,000 ahead of the 2028 halving, Swan Bitcoin CEO Cory Klippsten said, basing the view on a pattern in which Bitcoin has bottomed about 12 months after prior bull market peaks. He said Bitcoin’s price peaked above $126,000 in early October 2025 and cautioned that the historical sample is small, while also saying the token could still fall to $57,000 or even $53,000 before rebounding quickly. Klippsten had told Cointelegraph in June that the bottom might arrive earlier than in previous cycles because long-term holders held a record 14.7 million BTC. Other market watchers are looking for an earlier turn, with 10x Research founder Markus Thielen saying an August monthly close above $63,000 could confirm a bear-market bottom. Klippsten also argued that altcoins are losing their case as monetary competitors to Bitcoin and that crypto and DeFi (decentralized finance) are more likely to be absorbed into TradFi (traditional finance). He cited Hyperliquid as a token tied to a centralized business that may outperform, while DefiLlama data showed the protocol generated $5.9 million in revenue over the past week and ranked fifth among DeFi protocols by weekly revenue. TradingView data showed Hyperliquid’s HYPE token rose 130% year to date while Bitcoin fell 28%, and Wintermute said in a July report that institutional participation is concentrating liquidity in favored assets and narrowing the breadth of altcoin rallies.