The analysis indicates that Smart Money, represented by hedge funds and institutional quants, exhibits elevated exposure to Bitcoin, currently at 75 points, which is down from historical peaks but suggests incomplete deleveraging towards the historical reset level of 50. Previous instances of similar positioning shifts in 2013, 2017, and 2021 preceded significant Bitcoin market tops and subsequent declines often exceeding 75%. Based on this pattern, a projected 35% drawdown from a $126,000 peak by October 2025 implies a target price of $81,900. Additional downside risk assessment includes Bitcoin's electrical cost of production, estimated at $62,000, and the comprehensive production cost, factoring in hardware and operational expenses, at approximately $78,000. A hypothetical decline to the production cost implies a 15% reduction from the current inferred price of $95,000. Historically, such levels indicate miner capitulation and market deleveraging. Conversely, potential reversal conditions are identified through the average cost basis of US Spot ETFs, currently at $87,000. This level has consistently served as a zone of established demand, with Bitcoin showing signs of stabilization above it despite recent corrections. For a constructive shift in price momentum, Bitcoin must reclaim and hold above its 100, 150, and 200-day simple moving averages, a region between $105,000 and $106,000. Furthermore, an early sign of strength would be a decisive move above the Short-Term Holder Realized Price of $100,000. Until these resistance levels are decisively overcome, short-term momentum for Bitcoin is expected to remain bearish.