Bitcoin Could Bottom in October, Altcoins Are ‘Basically Dead,’ Swan CEO Says

Bitcoin could bottom in October before recovering to around $130,000 ahead of the 2028 halving, according to Swan Bitcoin CEO Cory Klippsten.

Bitcoin’s (BTC) price peaked above $126,000 in early October 2025, meaning that the “market should bottom in October,” Klippsten told Cointelegraph. 

He argued that Bitcoin has so far bottomed about 12 months after each previous bull market peak, while cautioning against extrapolating from only a few previous cycles.

Klippsten’s prediction for an October bottom builds on a June interview with Cointelegraph, when he said Bitcoin may bottom earlier than in previous cycles as long-term holders accumulated a record share of supply, or 14.7 million BTC.

In the latest interview, Klippsten said Bitcoin could fall to $57,000, or even $53,000, before a quick recovery, and could reach around $130,000 ahead of the 2028 halving.

Other analytics providers are eyeing an earlier bottom. Markus Thielen, founder of 10x Research, said that Bitcoin could confirm a bear-market bottom in August with a monthly close above $63,000, which would turn several of the analytics firm’s cycle indicators bullish.

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Altcoins are dead as money, crypto will become TradFi

Klippsten said altcoins are “basically dead” as competitors to Bitcoin as money, arguing that the best outcome for crypto and decentralized finance (DeFi) is to “become part of TradFi.”

When asked about his thoughts on altcoins that may outperform the broader market, Klippsten pointed to Hyperliquid, arguing that centralized crypto businesses will eventually be brought under traditional finance regulation.

“Hyperliquid is a business and it has a token. If it’s a business that’s centralized, it will eventually just get sucked up by TradFi and be thought of as an exchange and a bank.” 

Hyperliquid generated $5.9 million in revenue during the past week, ranking as the industry’s fifth-largest DeFi protocol by weekly revenue, according to DefiLlama.

The Hyperliquid (HYPE) token rose 130% year-to-date, while Bitcoin’s price fell 28% during the same period, TradingView data shows.

BTC and HYPE tokens, year-to-date chart. Source: Cointelegraph/TradingView

In a July report, crypto market maker Wintermute argued that the growing presence of institutional investors has changed the dynamics of altcoin markets, resulting in altcoin rallies becoming narrower and more selective. Wintermute said liquidity was concentrating in the assets institutions favored while activity across the market’s “long tail” weakened. 

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