Bitcoin Bottom Predicted for October as Altcoin Market Falters

Swan Bitcoin CEO Cory Klippsten predicts that Bitcoin could bottom in October before recovering to around $130,000 ahead of the 2028 halving. This prediction is based on historical patterns, as Bitcoin has previously bottomed about 12 months after each bull market peak.

Klippsten notes that long-term holders have accumulated a record share of supply, or 14.7 million BTC, which could lead to an earlier bottom than in previous cycles. He estimates that Bitcoin's price may fall to $57,000 or even $53,000 before a quick recovery.

Klippsten also expressed skepticism about altcoins, stating that they are 'basically dead' as competitors to Bitcoin as money. He believes that the best outcome for crypto and decentralized finance (DeFi) is to become part of traditional finance (TradFi).