A seasoned trader, known as @PhilakoneCrypto, has raised concerns about the current state of the cryptocurrency market, suggesting it may be overbought. According to the trader, technical indicators and cycle theory point to the possibility that the bull market could be nearing its end. He notes that the market has surpassed historical bull cycle durations, and institutional buying has not significantly impacted prices, indicating potential exhaustion. In a notable development, Bitcoin closed October in the red for the first time in six years, contributing to a 2.7% overnight drop in the overall market cap, which now stands at $3.6 trillion. These factors suggest that the market may be facing a period of correction or consolidation.