At current prices in early November 2025, the cryptocurrency community has no reasons to stay bullish from a technical perspective, the pseudonymous trader @PhilakoneCrypto says. This cycle should already be over by now, and institutional-driven purchases are not mirrored by price moves.
Bull market over: Four reasons by top trader
Despite most people being bullish about the midterm prospects of the crypto market, they all might be terribly wrong. From the perspective of cycle theory, this bull market is over, seasoned crypto trader @PhilakoneCrypto shared with his 178,000 followers in X (formerly Twitter).
He stressed that the longest bullish market in terms of post-halving days amount to 546 days, and we are on day 562 now.
Also, given the broader perspective, the previous bull run from the 2018 bottom to the 2021 top lasted 1,047 days, and we are now 1,078 days away from the FTX/Alameda collapse.
Bitcoin (BTC) managed to close October in green for six years in a row before closing the month in red last week.
The overhyped institutional purchases have little-to-no effect on price performance, which is yet another signal of market exhaustion:
Institutions and governments are buying crypto, but we're not moving. They're using you as exit liquidity soon and will liquidity hunt you to buy back much cheaper.
As a result, charts and technical data give crypto holders "zero reasons to be bullish" today, the trader points out.
Fundstrat's Mark Newton disagrees
Historically, the longitude of cryptocurrency cycles increases thanks to the market maturing and becoming more liquid. However, most analysts still point to Q4, 2025, as the potential most likely target for the market peak.
As covered by U.Today previously, some experts are still bullish on crypto in the midterm. Mark Newton, Fundstrat Global Advisors' Head of Technical Strategy, highlighted that reliable tech analysis indicators only hint at accumulation.
Bitcoin (BTC), the largest cryptocurrency, lost the level of $110,000 today. As of press time, it is trading at $108,000, down 2.16% in 24 hours.
Crypto's market cap lost 2.7% overnight and touched $3.6 trillion, CoinMarketCap data says.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team