Fidelity’s Director of Global Macro suggests Bitcoin could have ended its recent four-year cycle in October, signaling a potential bear market. Key indicators show a collapse in stablecoin inflows, increased selling by long-term holders, and declining mega-whale activity, while Bitcoin remains below critical moving averages. However, some long-term cycle indicators have yet to confirm a bear market, making the December monthly close around $82,800 a crucial determinant of Bitcoin's near-term trend.