Bitcoin ends 2025 lower, breaking post‑halving cycle; ATH $126,080 on Oct 6

After the April 2024 halving, Bitcoin set a record high of $126,080 on Oct 6, then finished 2025 below its starting level. The divergence from the post‑halving gains seen in 2012, 2016 and 2020 has rekindled debate over whether the four‑year cycle still guides market behavior.