[Fidelity Research VP: The Bear Market May Not Be Over, BTC Awaits November Cycle Test] Odaily Planet Daily News – Recently, Chris Kuiper, Vice President of Research at Fidelity Digital Assets, stated: 'The bear market may not be over.' He believes that the rebound since August could either mark the beginning of a new upward trend or merely be a rally within the bear market. 'Price increases do not guarantee the end of a bear market.' Based on the four-year cycle analysis, November is a critical observation window (the last bear market bottom occurred in November 2022). However, he also emphasized that historical cycles have never been precisely replicated, and BTC could decline again, potentially hitting new lows in November or later. A more positive signal is that from June to mid-August, digital asset volatility surged sharply after a period of low levels, resembling patterns seen at the end of previous bear markets, which may indicate that selling pressure is nearing exhaustion. Meanwhile, stablecoin transfers, RWA (Real-World Assets), and institutional participation continue to grow during the same period.