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What is the true "top" of Bitcoin?
Many people online still naively analyze that "Bitcoin dropped 16% from 73,800, it's still early."
That number is wrong.
The data shows that Bitcoin actually surged to 126,200—on October 6, 2025. Now it's at 62,300.
Real retracement: -50.6%.
What magnitude is that? From April to July 2021, there was a 53% retracement, and four months later, it surged from 29,000 to 69,000.
During the 2017 bull market, there were three corrections of over 30%.
So stop using 73,800 as the starting point. The starting point is wrong, so the conclusion is completely off.
Reconsidering with 126,200 as the baseline—this current position, in history, has always corresponded to the same thing: a period of structural restructuring after energy exhaustion.
The next article will discuss the most critical number: trading volume.