Bitcoin Slides Over $40,000 From October High As Analyst Sees Breakout Ahead

After reaching a new all‑time high around $126,000 in early October and then falling by more than $40,000 to below $90,000, Bitcoin has been stuck in a prolonged downturn with weaker sentiment and participation. Pseudonymous analyst Crypto Waterman argues that this retreat resembles prior cycle pullbacks, pointing to gold and silver all‑time highs in December 2025, muted Coinbase app rankings, lagging altcoins, and subdued sentiment indicators as signs that the market top may not be in. The analyst expects multiple waves of returning investors from earlier years, followed by new retail entrants, before a final exit phase for the cycle.