Bitcoin Nears Late-Cycle Shift After Drop Under $85,000; Trading Around $88,000

On December 19, 2025, mixed market signals suggested Bitcoin may be nearing a late‑cycle transition after slipping below $85,000 earlier in the week. According to Fidelity's Jurrien Timmer, the October move above $125,000 could have marked the cycle's peak, with potential downside toward $65,000–$75,000. Miner stress and defensive positioning reinforce cautious sentiment.