Swan CEO: Bitcoin may bottom in October; altcoins dead
Swan Bitcoin CEO Cory Klippsten projects an October bottom near $53,000–$57,000 and a recovery to about $130,000 before the 2028 halving, calling most altcoins “basically dead”.
Cory Klippsten, CEO of Swan Bitcoin, projects Bitcoin could bottom in October around $53,000–$57,000 and recover to roughly $130,000 ahead of the 2028 halving. He described most altcoins as no longer functioning as rival forms of money to Bitcoin.
Klippsten based the October timing on past cycle patterns. He noted Bitcoin topped above $126,000 in early October 2025 and observed previous cycles have tended to reach market lows about 12 months after each bull peak. He cautioned that the historical sample is small and results may vary. Klippsten also pointed to record accumulation by long-term holders-about 14.7 million BTC-as a factor that could support a faster rebound than in past cycles.
Outlining a possible near-term path, Klippsten said prices could fall to about $57,000, or as low as $53,000, before a rapid recovery toward $130,000 ahead of the halving in 2028. Markus Thielen, founder of 10x Research, offered a different indicator: a monthly close above $63,000 in August would confirm a bear-market bottom under his firm’s cycle measures.
On altcoins, Klippsten predicted centralized crypto businesses that issue tokens will be folded into regulated traditional finance. He stated, “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 reported $5.9 million in revenue in the past week. Its HYPE token has risen about 130% year-to-date while Bitcoin’s price has fallen roughly 28% over the same period. Market makers and other participants have noted that institutional investors are concentrating liquidity in favored assets, reducing activity across the market’s long tail and making broad altcoin rallies less common.
Klippsten warned against overreliance on past cycles given the changing market structure as institutional capital grows. Analysts and on-chain indicators will be watched in coming weeks for signs of a market low or a shift to a new upward phase.
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