Bitcoin could bottom in October, altcoins 'basically dead': Swan CEO
Swan Bitcoin CEO Cory Klippsten predicts Bitcoin will bottom in October, possibly falling to $57,000–$53,000 before recovering to $130,000 ahead of the 2028 halving. He calls altcoins 'basically dead' as money, except business-like tokens such as Hyperliquid. 10x Research sees possible August bottom.
Quick Take
Swan CEO says Bitcoin could bottom in October, then hit $130K.
He sees altcoins as 'basically dead' except business-like tokens.
Hyperliquid generated $5.9M weekly revenue, fifth-largest DeFi protocol.
Monthly close above $63K could confirm bear-market bottom in August.
Market Impact Analysis
BearishPrediction of further Bitcoin downside and altcoin weakness could reinforce bearish sentiment, though it is opinion-based and not an immediate catalyst.
Speculation Analysis
Key Takeaways
- Swan Bitcoin CEO Cory Klippsten sees Bitcoin bottoming in October, citing historical 12-month post-peak cycles.
- He forecasts a drop to $57,000–$53,000 before a recovery to around $130,000 by the 2028 halving.
- Altcoins are "basically dead" as money, except business-like tokens such as Hyperliquid, which posted $5.9M weekly revenue.
- A monthly close above $63,000 in August could signal an earlier bottom, per 10x Research.
What Happened
Swan Bitcoin CEO Cory Klippsten told Cointelegraph that Bitcoin could bottom in October before recovering to approximately $130,000. He bases this on Bitcoin's historical pattern of bottoming around 12 months after each bull market peak. The current cycle's peak occurred above $126,000 in early October 2025. Klippsten also declared altcoins "basically dead" as money, except for business-like tokens such as Hyperliquid. His comments come amid a 28% year-to-date decline in BTC, while HYPE has surged 130% in the same period.
The Numbers
Bitcoin topped above $126,000 in early October 2025. Klippsten sees a bottom at $57,000 or $53,000, implying a 55-58% drawdown from the peak. He projects a recovery to $130,000 before the 2028 halving. Meanwhile, Hyperliquid generated $5.9 million in weekly revenue, ranking fifth among DeFi protocols by revenue, according to DefiLlama. The HYPE token rose 130% year-to-date, contrasting with Bitcoin's 28% decline. 10x Research says a monthly close above $63,000 could confirm a bottom in August.
Why It Happened
Klippsten's forecast rests on cycle timing: Bitcoin has historically bottomed about 12 months after a bull market peak. The most recent peak was in early October 2025. He also notes long-term holders now control a record 14.7 million BTC, which may accelerate the bottom. For altcoins, Klippsten argues that most are not viable money and will be absorbed into traditional finance. Hyperliquid is an exception because it operates as a centralized business with a revenue-generating token. Institutional liquidity concentration further supports selective altcoin performance.
Broader Impact
The prediction reinforces bearish sentiment for the medium term. If altcoins are "dead" as money, capital may rotate toward Bitcoin and select revenue-producing tokens. Hyperliquid's performance signals a shift toward fundamentals in DeFi. Regulatory integration with TradFi appears inevitable, potentially reshaping token valuations. A confirmed bottom could set the stage for the next halving cycle.
What to Watch Next
- Bitcoin's monthly close in August: A close above $63,000 may signal an earlier bottom, per 10x Research.
- Altcoin liquidity trends: Monitor whether capital concentrates further in business-like tokens such as Hyperliquid.
- Long-term holder supply: Watch if the record 14.7 million BTC held long-term supports a quicker recovery.
This article is for informational purposes only and does not constitute financial advice.
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