Imagine how much it would throw people off if Bitcoin peaked in November or December at $150k–$180k, then spent 3–6 months grinding down to $100k, only to peak again at the end of 2026 at $200k–$300k. In this scenario, we’d see the first of two major cycle tops occur at the same time as the traditional four-year cycle peak in November or December, but this time it wouldn’t be the ultimate top of the cycle. There is precedent for this kind of double-top structure. It happened during both the 2013 cycle and the 2021 cycle. But if this cycle plays out as an extended double top, it would catch many people off guard.