Saw some analysis that Bitcoin has peaked

I would say, stay in awe and don't assert peaking.

We only do probabilistic analysis, not qualitative analysis. Any black swan will happen, and any major good will suddenly appear.

Therefore, positions can be reduced appropriately, but the overall logic of hedging transactions cannot be changed.

The pie is still tens of thousands away from its previous high, so how can it easily reach the top?

The halving is coming and it will peak at this time. Will the miners agree? $BTC