Bitcoin has experienced a 5% decline over the past 30 days, prompting discussions about whether it has reached a cycle peak. Despite the recent pullback, long-term bullish sentiment for 2026 remains intact. Bitwise CIO Matt Hougan highlights the current phase as more stable, supported by stronger institutional backing, and notes that the decline is less severe compared to previous cycles. However, some analysts express caution, pointing to macroeconomic risks and structural challenges.