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At current prices in early November 2025, the cryptocurrency community has no reason to be bullish from a technical perspective, the pseudonymous trader @PhilakoneCrypto says. This cycle should be over by now, and institutional purchases are not reflected by price movements.
Bull market over: Four reasons from the top trader
Despite most people being bullish on the midterm prospects of the crypto market, they could all be terribly wrong. From the perspective of cycle theory, this bull market is over, experienced crypto trader @PhilakoneCrypto shared with his 178,000 followers on X (formerly Twitter).
He pointed out that the longest bullish market in terms of days post-halving amounted to 546 days, and we are on day 562 now.
Also, given the broader perspective, the previous bull run from the bottom of 2018 to the top of 2021 lasted 1,047 days, and we are now 1,078 days from the FTX/Alameda collapse.
Bitcoin (BTC) managed to close October in the green for six years in a row before closing the month in the red last week.
Excessive institutional buying has little to no effect on price performance, which is yet another sign of market exhaustion:
Institutions and governments are buying crypto, but we are not moving. They will quickly use you as exit cash and will take your cash back 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 length of cryptocurrency cycles increases thanks to the market maturing and becoming more liquid. However, most analysts also point to Q4, 2025, as the most likely target for the market peak.
As covered by U.Today before, some experts are still bullish on crypto in the mid-term. Mark Newton, Head of Technical Strategy at Fundstrat Global Advisors, highlighted that reliable indicators of technological analysis only indicate accumulation.
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