Bitcoin 30% pullback seen as coiling after $126,000 ATH (Dec 19, 2025)

After surging to an all-time high above $126,000 in early October, Bitcoin has fallen by more than 30% and trades well below $90,000. On December 19, 2025, analyst Merlijn The Trader, citing Raoul Pal, said this is a liquidity-driven "coil" rather than a crash. Pseudonymous analyst Wise Crypto floated a $600,000 target for 2026, contingent on macro shifts.