According to Michaël van de Poppe (@CryptoMichNL), he is not worried a bear market has started and argues this crypto cycle is structurally different, citing that Uptober turned lower and altcoins did not break out in sync with prior cycles, source: Michaël van de Poppe (@CryptoMichNL) on X, Oct 15, 2025. He states Bitcoin BTC printed a new all-time high before the halving, which he says invalidates the traditional four-year halving-cycle thesis, source: Michaël van de Poppe (@CryptoMichNL) on X, Oct 15, 2025. He further asserts the market is comparable to Q3 2019 and expects a longer cycle with 1.5–2 years remaining, implying a longer positioning horizon and delayed altcoin rotation versus previous cycles, source: Michaël van de Poppe (@CryptoMichNL) on X, Oct 15, 2025.