Bitcoin down from $126k all time high - is the halving cycle broken or just delayed

[Hitman99]

Bitcoin hit an all-time high of $126,198 in October 2025 but has since declined significantly and was trading around $67,000 in early June 2026. That is a drawdown of roughly 47% from the peak. The halving in April 2024 was supposed to trigger a supply shock rally that extended well into 2025 and 2026. It did, but the peak came earlier and the subsequent correction has been sharper than previous cycles suggested.

Key factors affecting the current price: institutional capital rotating into SpaceX IPO and upcoming Anthropic and OpenAI IPOs. Higher-for-longer interest rate environment after a strong jobs report. Spot Bitcoin ETF outflows of $1.42 billion in a single session in early June. The standard four-year cycle model suggests the next halving is April 2028 and the next peak could be late 2025 to mid-2026 - which would mean the October 2025 peak was the cycle top

[Leo]

The four-year cycle model breaking would not be unprecedented. Every market cycle teaches the market something that changes how the next cycle plays out. The introduction of spot ETFs was a structural change big enough to alter the cycle dynamics

[HollowSentinel]

47% from the all-time high is a significant correction but not unusual for Bitcoin historically. The 2021 peak to trough was over 80%. The 2017 peak to trough was 84%. A 47% drawdown does not break the long-term thesis

[HiggsField29]

The spot ETF outflow of $1.42 billion in a single session is the number that concerns me most. That is institutional money leaving, not retail panic. When the people with the largest allocations are reducing exposure simultaneously it creates momentum to the downside that smaller buyers cannot absorb

[BringItOnRhodes43]

The halving supply shock takes 12 to 18 months to fully work through the market. The April 2024 halving cut new supply. By October 2025 the reduced supply was meeting still-elevated demand and the price peaked. Now demand is softening and supply is still reduced but it is not enough to hold the price alone

[Compass]

The rotation narrative into SpaceX and AI IPOs is real but temporary. That capital does not stay in SPCX and Anthropic forever. When those lockups expire or when investors take profits from IPO positions, some will find its way back into Bitcoin as the liquid alternative asset with the clearest scarcity model