Cryptocurrency Market’s “Waiting Room” Phase
The cryptocurrency market appears to be in a “waiting room” as it anticipates the next phase of the price discovery stage. This situation may lead to institutional capital extending the historical four-year cycle, according to industry analysts.
As the crypto market looks for its next catalyst, the “slow business cycle’s” liquidity dynamics could stretch the traditional four-year cycle into the first or second quarter of 2026, as noted by Raoul Pal, founder and CEO of Global Macro Investor.
“Many key parts of the crypto ecosystem are in the waiting room ready to launch,” commented the well-known analyst in a Friday X post, adding: “People need to learn patience. The path is clear…but never, ever expect tick for tick perfection,” he explained.
Pal employs the business cycle score as a macroeconomic model to gauge the current stage of the global economy’s broader cycle.
“Raoul’s framing of crypto being in the ‘waiting room’ resonates with how markets are behaving right now,” remarked Enmanuel Cardozo, a market analyst at the real-world asset tokenization platform Brickken.
The recent pullback “came not from onchain dynamics but from political tensions between President Trump and the Federal Reserve,” adding: “Institutional allocations toward the two leading cryptocurrencies remain robust despite the ‘tug-of-war’ over interest rate policy.”
In addition, stablecoin inflows on Binance have exceeded $1.65 billion, which could be interpreted as a potential precursor for renewed cryptocurrency investments, as stablecoins are the primary funding instruments for traders.
Several of the cryptocurrency market’s leading altcoins are gearing up to exit the “waiting room” and enter the final parabolic stage of the rally, with the Solana (SOL) token positioned to be the “next to leave,” according to Pal, who shared the chart below.
The chart illustrates an ascending triangle pattern, identified by technical traders as a bullish continuation pattern, which signals a potential price breakout upon confirmation.
Following the Solana token, the Sui (SUI) altcoin is expected to be the next to gain momentum. Dogecoin (DOGE), as well as the largest cryptocurrencies not in the top 10, also categorized as “OTHERS,” are predicted by Pal to begin rallying.
Meanwhile, the XRP (XRP) token is “in the process of full porting,” while the largest altcoins outside the top 10 may still take “longer to launch.”
Two months ago, Pal indicated that the current crypto market cycle resembles patterns akin to 2017, when Bitcoin’s (BTC) price surged by over 1,255% throughout the year.
“It’s spookily similar to 2017,” Pal mentioned in a video on June 19, forecasting a longer crypto cycle compared to previous years, as a weakening US dollar may suggest that the crypto cycle is still far from its peak.
