As the fourth quarter of 2025 begins, a major question has emerged among crypto investors: Is the bull run still ongoing, or is it starting to lose momentum?
Several market indicators are showing mixed signals  on one hand, there is strong structural optimism, yet on the other, analysts are warning that a major correction may be on the horizon.

Signs of Optimism: The Bullish Momentum Is Not Over Yet

Some analysts believe that the crypto market has not yet reached the peak of its cycle.
The probability that Bitcoin’s cycle top has not occurred is estimated at around 55%. On-chain data also indicates that the amount of Bitcoin held by long-term investors remains relatively high, reflecting confidence in a continued long-term uptrend.

The recent price corrections observed over the past few weeks are being interpreted as a healthy consolidation phase, rather than an early sign of a trend reversal.
Meanwhile, CryptoRank reported that several fundamental drivers, including the launch of spot Bitcoin ETFs, increased institutional access, and more accommodative regulatory policies toward digital assets  continue to strengthen the market structure and support the potential for a sustained bullish movement.
A report from Invesco echoed this sentiment, noting that institutional capital inflows into the crypto sector have continued to rise since mid-year.

Early Signs of the Final Bullish Phase Begin to Emerge

Although optimism still dominates market sentiment, some analysts warn that the final stage of the bullish wave may already be underway.
Referring to the Elliott Wave Theory, analyst Jon Glover suggested that Bitcoin has completed its five major impulse waves, indicating a potential transition into a correction or downtrend phase.

In his report cited by CoinDesk, Glover projected that the bearish phase could last until late 2026, with Bitcoin’s price possibly falling to around USD 70,000 or even lower.
He added that global volatility, interest rate uncertainty, and liquidity pressures could serve as key catalysts for a market correction.

Market Entering a More Mature and Challenging Phase

Based on a series of analyses, it can be concluded that the 2025 bull run is not entirely over, but the market appears to be transitioning into a more mature and complex stage.
Investors are advised to adjust their strategies to align with the market’s evolving conditions.

Recommended steps include:

1. Utilizing consolidation phases to enter positions strategically, as corrections do not always signify the end of an uptrend.

2. Maintaining portfolio diversification to prevent volatility risk from being concentrated in a single crypto asset.

3. Monitoring technical indicators and on-chain data regularly to detect potential trend changes early.

4. Preparing defensive strategies to navigate possible medium-term downturns without overlooking ongoing bullish opportunities.