Now October 2025, we are still in the middle or perhaps in the second part of the bull run and not its end completely. The current indicators according to

The last Halving event was in April 2024 + usually the big rise starts after it in 6-18 months, which means from October 2024 to the end of 2025 is the expected time for the peak.

Bitcoin has not yet recorded a very strong new historical peak (like 100,000$ or more), which means that the market still has room for upward movement.

But at the same time, signs of temporary slowdown in momentum have begun to appear, such as strong corrections and increasing fears of selling by large investors.

In summary:

The bull run has not definitely ended yet, but it has entered an advanced stage, which means we might see

A final upward wave (the final stage) before a major correction.

And after that, with the beginning of 2026, a new downward cycle (Bear Market) may begin.