If the front wheel is not high enough, it can quickly fall back to the ground, or it will lose the given gear sooner, because you have to pull the throttle to counteract physics (keeping the front wheel in the air).
On the other hand, if you have the right height, less throttle is enough to maintain it, and the bike will not accelerate very much.
The level of the handlebars-eye is a very good reference point, if you clearly see above it (above the handlebars), then the front wheel is definitely low:
If the view is already blocked by the handlebars, headrest, etc. when looking straight ahead, then the height is quite good:
The real thing is when you see below the handlebars, in this case you need to look forward from the side with your head and upper body slightly tilted:
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