A recent study failed to find a link between testosterone levels and male pattern baldness:
A cross-sectional population study conducted in Northeastern Germany examined 373 men from the general population who had not received prescribed drugs in the past 7 days. Blood sampled were taken from each participant and a panel of liquid chromatography-mass spectrometry measurements were conducted and analyzed to determine the serum concentration of sex hormones. In addition, dermatologist examined each participant and assessed general hair loss (yes or no).
The analysis revealed no significant relationship between general hair loss and testosterone levels in men from the general population. When men with and without general hair loss were compared, there was no observable difference in androgen concentrations. With regards to androgenic alopecia and premature balding, these findings were consistent with previous studies that consisted of smaller sample sizes and selected participants.