Swan Bitcoin CEO Cory Klippsten indicated that Bitcoin could reach a local bottom in October before starting a recovery that may drive its price to $130,000 by the 2028 halving. Klippsten, who leads the US-based Bitcoin services platform Swan Bitcoin, referenced the asset’s historical cycles to support his outlook on near-term price action and long-term potential.
Historical Trends and Near-Term Bitcoin Price Outlook
Drawing on previous Bitcoin cycles, Klippsten pointed out that BTC often establishes a significant low about a year after reaching a bull market peak. He projected that Bitcoin, which he expects to previously peak above $126,000 in early October 2025, could fall toward $57,000 in the months ahead. He also considered a possible deeper correction to $53,000 before a more sustained recovery begins.
Despite recognizing these historical patterns, Klippsten urged caution in viewing them as exact roadmaps, noting that Bitcoin’s track record includes only a small number of completed halving cycles. According to his scenario, however, Bitcoin could gradually rebound after this period, potentially reaching $130,000 by the 2028 halving.
The amount of BTC controlled by long-term holders may support prices, but a further correction could take place before Bitcoin settles at a more durable bottom.
He added that around 14.7 million Bitcoin was held by long-term investors at the time of his analysis. Klippsten views this high concentration as a factor that could help stabilize the market by limiting available supply, but warned that it is not certain to prevent further declines in the near term.
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AAPLAltcoins and the Shift Toward Traditional Finance
Turning to the broader crypto market, Klippsten described most alternative cryptocurrencies as no longer credible rivals to Bitcoin. He argued that the era of broad-based competition among altcoins is coming to an end, with the majority “effectively dead” in their role as challengers to Bitcoin’s dominance.
Klippsten predicted that cryptocurrencies and decentralized finance will increasingly integrate with the established financial sector. He believes regulatory developments are likely to prompt crypto exchanges, lenders, and other intermediaries to evolve into entities resembling conventional financial institutions, making the separation between crypto platforms and traditional banks less distinct over time.
Among crypto projects, Klippsten singled out Hyperliquid as a potential outperformer. Hyperliquid, a decentralized derivatives trading platform, generated about $5.9 million in revenue last week, ranking fifth among DeFi protocols by revenue according to DefiLlama.
Its native token, HYPE, has climbed around 130% since the start of the year, while Bitcoin has fallen about 28% in the same timeframe, based on data from KuCoin.
Mini dictionary: Hyperliquid is a decentralized trading protocol designed for high-speed derivatives trading, operating entirely on-chain and focusing on deep liquidity, transparency, and broad access outside traditional exchanges.
| Asset | Performance YTD | Revenue (Last Week) |
|---|---|---|
| HYPE | +130% | $5.9 million |
| Bitcoin | -28% | N/A |
Institutional investors are driving a new trend in crypto, with liquidity concentrating around major projects as smaller tokens see less interest.
Market maker Wintermute’s July report echoed this theme, noting that institutional participation has made crypto rallies more selective. Rather than widespread increases across numerous tokens, market activity and liquidity are now focused on larger assets and projects that attract institutional capital. This shift has reduced trading volumes in smaller and riskier tokens.
If current trends persist, analysts expect the next crypto market cycle to be shaped by Bitcoin’s ongoing dominance and a handful of high-liquidity altcoins drawing the majority of investor attention.
