Bitcoin May Bottom in October, Altcoin Outlook Bleak: Swan CEO
Cory Klippsten, CEO of Swan Bitcoin, believes that Bitcoin may have already reached its bottom and is expecting a price recovery to around $130,000 ahead of the 2028 halving. He points out that historically, Bitcoin has bottomed about 12 months after each previous bull market peak, suggesting that October could be the month when prices rebound.
Klippsten's prediction is based on his analysis of long-term holder accumulation, which he believes will drive a rapid recovery in the price. He estimates that Bitcoin may fall to as low as $57,000 or even $53,000 before making a quick bounce back up to its target of $130,000.
Markus Thielen, founder of 10x Research, disagrees with Klippsten's timing and believes that the bottom could be confirmed in August with a monthly close above $63,000. This would turn several of their cycle indicators bullish, signaling a potential reversal in the market.
Klippsten also expressed his views on altcoins, stating that they are 'basically dead' as competitors to Bitcoin as money. He argues that the best outcome for crypto and decentralized finance (DeFi) is to become part of traditional finance (TradFi). He pointed out that Hyperliquid, a centralized crypto business, has generated $5.9 million in revenue over the past week and its token has risen 130% year-to-date.