(Bloomberg) — Bitcoin (BTC-USD) bulls have it all — Wall Street support, political tailwinds, institutional cash. Everything, that is, except a rally. After topping $126,000 in October, bitcoin has fallen sharply, briefly wiping out its 2025 gains before stabilizing on Monday. The sharp retreat from record highs comes in a year that was supposed to cement bitcoin’s legitimacy. Most Read from Bloomberg Wall Street has shown up, exchange-traded funds are bringing crypto into mainstream portfolios and the ...

On-chain data from Checkonchain and Unchained shows that Bitcoin is far from its peak, as the leading crypto asset has yet to “enter the euphoric right tail in the current cycle.“ James Check, co-founder and Bitcoin analyst at Checkonchain, reveals that the current all-time high Bitcoin price of $124k is approximately 1.8x the 2021 peak of $69k. To validate the ‘diminishing returns’ bull case target, the Bitcoin price would need to surpass $240k, hitting a 3.5x multiple from the prior cycle high. He add ...