Bitcoin experienced a significant correction from near $126,000 to the $60,000–$70,000 range, consistent with its historical four-year halving cycle patterns. Kaiko Research states that despite evolving market conditions and increased institutional participation, Bitcoin remains in the expected post-peak corrective phase, with market signals pointing to ongoing deleveraging. The debate continues on whether this cycle will hold or if a new market regime driven by macro factors will emerge by 2026.