#Bitcoin is currently going through the largest correction of this cycle, following a sharp 6.6% drop in the most recent session. After topping out near $126,000, BTC has now pulled back by around 36.9%. Although this is the deepest retracement seen so far in the cycle, it remains relatively mild when compared to historical bear market declines.

In every previous cycle, once Bitcoin entered a true bear market, total drawdowns eventually exceeded 75%. Against that backdrop, the current correction still fits within the range of a cycle level pullback rather than signaling a confirmed market top.