The analysis discusses Bitcoin's recent 12% price drop from its all-time high of $124,000 and assesses whether it signals a market crash or a shakeout. It references a depth map indicating a 12% drawdown but notes that larger drawdowns have occurred recently. The 2017 market cycle comparison suggests 20-40% corrections were common. A 30% drawdown from the recent high would place Bitcoin at around $87,000. The short-term holder realized price is currently at $109,000. The analysis mentions the 200-day moving average at $101,000 as an important level to hold. If prices reached $87,000, investors should reassess metrics like spending behavior using the SOPR, which is currently positive. It advocates accumulating Bitcoin at key levels rather than panicking during price volatility, and the long term trend remains bullish.