We could already have seen the cycle low, but we could also get another major correction before the next sustained leg up.
For me the probability for such a move gets lower and lower. The fact that in the last week we managed to get higher highs than in the last spike in May, is very promising and shows that people are willing to pay more than back then, even considering the "expected" cycle low.
I just saw a comparative chart of the last bear markets in another thread:
image by bitcoin magazine We see that in all previous bear markets, there were of course ups and downs, but the highest "late bear" spike was always lower than the "mid-bear" spike.
This indicates a massive sentiment shift. If we really still see a lower low in late 2026, I think there must be a strong reason for it.
There is one option more on the table for the bears: a long sideways markets (even with spikes up to ~100k) with further decline in 2027. For me this is the most likely (mid term) bearish option right now, it looks far more likely now than the "late 2026 cyclic dip" option. It would also be an "invalidation" of the traditional 4-year-cycle, but instead of a bullish supercycle it would be a bearish supercycle.
Nevertheless, I think the probability is less than for the bullish supercycle or the "normal bear market with shallow drawdown".
Probabilities are for me:
- Bullish supercycle with higher highs than 126k in 2026, 2027 or 2028, but before 2029: 40%
- Shallow bear market: no new highs before 2029: 30%
- Bearish supercycle: lower low in 2027 or 2028: 20%
- Late 2026 bearish dip: 10%