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Has Bitcoin peaked? No one can confirm that in advance. A better approach is to assess cycle context, liquidity, sentiment, and positioning together.
Has Bitcoin peaked for this cycle? One move does not decide it. Watch liquidity, market structure, sentiment, and positioning together.
Bitcoin mining cost can help frame cycle analysis, but it cannot identify a market top on its own. Miner pressure and sentiment matter too.
Bitcoin mining cost can hint at cycle conditions, but it cannot confirm a market top on its own. It works best as a supporting indicator.