Bitcoin's drawdown cycles have shown signs of market maturation, with recent declines being less severe compared to earlier years. Since 2012, Bitcoin has experienced five major drawdowns, with the latest in late 2025 showing a 31% decline from its all-time high of $126,000. This contrasts with earlier cycles that saw drops of up to 86%. The reduced volatility is attributed to increased institutional investment and a better understanding of Bitcoin's halving cycle. Despite the current price of approximately $86,700, the market structure remains resilient, with more wallets holding significant amounts of Bitcoin. Analysts note that while volatility persists, Bitcoin is increasingly seen as a stable and credible asset for long-term investment.