According to the source, VanEck characterizes October’s Bitcoin (BTC) pullback as a mid-cycle reset rather than a bear market, citing normalized leverage, rising on-chain activity, and liquidity as the cycle’s driver, source: VanEck. For traders, this view supports a trend-continuation bias and prioritizes monitoring leverage metrics, on-chain engagement, and liquidity proxies for confirmation of cycle strength, source: VanEck.