Top analyst Rekt Fencer has identified four reasons why Bitcoin has not yet reached its cycle peak, despite a 19% decline from its all-time high and a $40 billion liquidation event. Bitcoin remains above $108,000, with corrections seen as typical in bull cycles. The analyst notes that traditional assets like gold and stocks currently outperform Bitcoin, viewing this as a natural capital rotation rather than a sign of weakness. Additionally, key metrics such as the Ahr999 Index and MVRV Z-Score are below historical danger zones, suggesting the market is not overheated.