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Analysis: Bitcoin hits an all-time high 1 only retraces 32%, institutional capital may alter the characteristic cycles of the crypto market

PANews October 6 reported, citing CoinDesk, that Bitcoin October 6, 2025 reached a new high of more than 126000 USD at its all-time high, 1 years later, its current price is approximately 85453 USD, representing a cumulative decline of approximately 32%%. Compared with previous cycles, Bitcoin's retracement this time has been notably milder. CoinDesk data shows that 2013 years after the cycle peak 1 years later,BTC declined by approximately 69.7%;2017 years December after the high 1 years later, the decline was approximately 82.3%;2021 years November after the high 1 years later, the decline was approximately 74.6%. The low point of this bear market occurred around June 30, 2026; at that time,BTC fell to approximately 59000 USD, a drawdown of more than 53%from the all-time high. In previous cycles, the maximum decline during bear markets typically reached 77%to 85%. Analysts believe that changes in market structure are an important reason for the shallower retracement this time. In previous bull markets...

Source: https://www.panewslab.com/zh/articles/01a11057-4dc9-7324-aa08-f041775609a2