Bitcoin Bull Cycle Still Early as XRP, NEAR Consolidate

Crypto investors worried they may have missed the latest market rally could still have opportunities ahead, according to market maker Wintermute. The firm believes the broader digital asset bull cycle remains in its early stages, even as several major altcoins show signs of short-term consolidation.

Bitcoin (BTC) was trading around $86,100 in October 2026, gaining 2.4% over the week. Buyers successfully defended the $82,500 level, turning it into an important support zone. Wintermute sees the $90,000-$95,000 range as Bitcoin's next major target, an area where strong profit-taking previously limited gains.

However, Bitcoin's next move may increasingly depend on traditional financial markets rather than crypto-specific catalysts. The 10-year U.S. Treasury yield climbed to 5.35%, while the 30-year yield reached 5.6%, its highest level since 2008. With Bitcoin becoming more correlated with the S&P 500, a sharp equity-market decline could create additional pressure on cryptocurrencies.

Altcoins are also entering a cooling period after a three-month rally. The altcoin index declined 1.1%, marking its first weekly drop since early August. Major tokens including XRP and NEAR have traded mostly sideways over the past two weeks, while speculative capital has increasingly moved toward smaller, lower-quality cryptocurrencies.

Wintermute warned that chasing underperforming low-cap tokens simply because they have not yet rallied could expose late investors to significant risk. Instead, the consolidation in established assets such as XRP and NEAR may represent a healthier pause before another potential move higher.

The market maker's analysis of the top 250 cryptocurrencies also points to an ongoing shift in market leadership. DePIN and artificial intelligence projects gained prominence in 2024, followed by AI agents in early 2025. By October 2026, higher-quality emerging projects were steadily capturing a larger share of crypto market capitalization.

Wintermute believes this rotation resembles earlier market cycles and could allow newer altcoins to develop into established blue-chip assets. Investors are now watching the November 3 U.S. midterm elections, which could reduce uncertainty surrounding Treasury markets and potentially provide another catalyst for Bitcoin and the broader crypto market.