The Token2049 conference in Singapore has revealed a division among analysts and traders regarding the future of the current crypto bull cycle. Some experts believe the cycle has peaked, citing buyer fatigue and regulatory caution as significant challenges. Conversely, others argue that the bull market could extend into 2026, supported by Q4 seasonality, ETF inflows, and a $45 billion increase in stablecoin supply over the past 90 days, with USDT, USDC, and USDe leading the growth. Additionally, concerns have been raised following a recent decline in MicroStrategy's stock, which fell below its 200-day moving average, signaling potential market unease. The debate at Token2049 highlights the uncertainty and mixed sentiment prevailing in the crypto market as it navigates these contrasting indicators.