Bitcoin's price has fallen below $92,000, erasing all of its 2025 gains and declining over 26% from its October peak of $126,000. The recent sharp sell-off, triggered by $19 billion in leveraged liquidations and profit-taking by long-term holders, has raised concerns about whether this marks a temporary correction or the start of a new four-year cycle similar to previous market patterns. Analysts from Bernstein suggest that the current decline may be a short-term consolidation rather than a severe 60-70% downturn typical of past cycles, citing increasing institutional ETF adoption and positive political support as signs of structural growth. Meanwhile, major investors like MicroStrategy continue purchasing Bitcoin, with the company adding 8,178 tokens at an average price of $102,171. The market's fragility is compounded by macroeconomic factors, including hawkish Federal Reserve policies, which have contributed to a risk-averse environment. Experts warn that a critical support level around $93,000 could trigger accelerated liquidations if breached, emphasizing caution in the current crypto climate.