Let’s address the elephant in the room: Bitcoin (BTC -1.64%) is down 48% from October’s 52-week highs as of July 20.

For longtime crypto observers, this drop feels familiar. Digital assets have suffered several drawdowns of this magnitude, and the decline in 2026 isn’t even unusual by historical standards. If anything, it’s milder than the first three multiyear crypto winters.

Each time Bitcoin prices plunge, many obituaries are written. Each time, the asset has eventually recovered to new highs. The rumors of Bitcoin’s death have been exaggerated so far. Past performance doesn’t guarantee future results, of course, but the pattern does suggest that dramatic price cycles are a predictable feature of this asset class rather than a sign…