We are 265 days past the Bitcoin all-time high. The median time between Bitcoin all-time highs since 2016 is one day. That number is worthless, and understanding why is the entire point. When Bitcoin runs, it stamps new records on back-to-back daily closes. 60% of all-time-high days are immediately followed by another one the next day. The median drowns in them. The real question is what happens once a run ends: how long until you see green on the far side of the peak? Since 2016, there have been exactly five of those waits. 2018 bear: 1,080 days 2022 bear: 847 days 2024 consolidation: 238 days Mid-2021, China ban: 189 days Early-2025 dip: 154 days Median: 238 days. Mean: 502, hauled upward by the two bear markets that swallowed years apiece. The "average" wait is a fiction. What actually exists is a fork. Either Bitcoin reclaims in roughly seven months, or you sit in purgatory for two to three years. The distribution barely bothers to visit the middle. We are 265 days past the October 6th peak. You have already outlasted every consolidation on the board. The only droughts that ran longer than where you are standing right now were full-blown bear markets, 2018 and 2022. The question is no longer whether this is a dip. It is which movie you walked into. The data does not get to tell you that part. All it confirms is that the box office quietly stopped selling tickets to the short version about a month ago.