According to @CryptoMichNL, altcoin valuations are currently at the same levels as Q4 2019, indicating the crypto market is not at a cycle peak but in a mid-cycle phase; source: X post by @CryptoMichNL dated Oct 30, 2025. He adds that today’s setup resembles Q4 2016 or Q1 2020, framing the current environment as mid-cycle rather than late-stage; source: X post by @CryptoMichNL dated Oct 30, 2025. For trading, his assessment points to aligning positioning assumptions with continuation-friendly mid-cycle conditions and monitoring altcoin market cap against historical cycle levels, rather than assuming peak-exhaustion dynamics; source: X post by @CryptoMichNL dated Oct 30, 2025.