i believe that is an olde rule of thumb/method; who's accuracy is contingent on how well looking between your legs makes you look up from a 45 degree angle (on flat ground).
With an assumed flat ground and vertical tree to give 90 degrees (right triangle) at that point, extending a line from the top to the ground, that meets at 45 degrees; gives a 45-45-90 triangle; which defines that both legs connected to the 90 degree angle of tree to ground will be equal. Therefore, at that point (45 degrees) that you stand; the length from the base of the tree to the top, will be equal; the distance from you to the base of the tree. Thus giving the fall.
Sticking a rake handle under arm pit and gripping handle at arms' length; then raising till arm is parallel with ground and rake plumb bobs vertical (perpendicular/ right angle); would give a 45 degree angle for calculating this. For you make a right angle with both legs equal, the 45-45-90 works forward and backwards; it is a point of equality, here just reversed. Measuring the rake handle to jawbone/ear as Tom suggested some time back, instead of arm pit, makes one leg longer, so throws things off a bit. But, it compensates somewhat, for not being able to line your eye up at your own arm pit!
If, the tree is too big for the backyard; you can mark the height calculated with this method. Then pace off from the tree, the amount of available room for laying things safely. Then pace that amount down from the marked position of the total tree you originally made. Re-site and mentally mark as an approximate maximum topping point to fill the whole box. Repeat as necessary, pacing off the room to work with, fewest lengths to cut, before able to lay rest of stick. Werks fer me!