Jesse Eckel argues that the current dip does not mean the bull run is finished. He points out a few key reasons:
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Seasonal weakness: August is historically one of the weakest months for crypto, often showing negative returns. Combine that with over-leverage in the market, and the recent sell-off made sense.
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Liquidity factors: The US government’s Treasury account rebuild is temporarily draining liquidity, which is bearish in the short term. This should run through September.
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Big catalysts ahead: The Fed is widely expected to cut rates in September. If that happens, it could flip sentiment very bullish going into October, which is historically the strongest month for Bitcoin. On top of that, altcoin ETF approvals could kickstart a true alt season in late October.
Importantly, Jesse highlights that none of the 30 most reliable cycle-top indicators have flashed yet. In past cycles, these have always triggered near market tops. Right now, zero are signaling.
His base case: the bull run continues into 2026, with October 2025 likely being a major ignition point for altcoins.
