Fidelity's global macro research director weighs in on Bitcoin's near-term outlook. He flags a potential dip to the $65K–$75K range, suggesting that October's $125K peak could mark a turning point in the current four-year halving cycle. Despite the near-term caution, he maintains a bullish long-term stance on BTC—though 2026 might feel like a breather year for the market. The timing aligns with typical cycle patterns, raising questions about where Bitcoin settles after this run.