Odaily Planet Daily reports that “Big Short” Michael Burry states that the current downward trend of Bitcoin is similar to the bear market phase in 2022, sparking market discussions about the depth of this correction. Burry posted a chart on the X platform comparing BTC’s decline from approximately $126,000 to about $70,000, drawing parallels to the early decline rhythm of the 2021-2022 bear market. In the previous cycle, Bitcoin fell from around $35,000 to below $20,000 before gradually stabilizing. Based on similar percentage declines, some market participants believe the potential risk zone could be around $50,000, but Michael Burry has not provided a clear target price. The market also questions the validity of using a single historical cycle as a comparison, with some trading institutions pointing out that forming a “pattern” based on just one historical event has limited reference value. The current market environment differs significantly from 2021-2022, including institutional liquidity brought by spot Bitcoin ETFs, changes in market leverage structures, and a macro environment shifting from aggressive rate hikes to cross-asset volatility dominance. (CoinDesk)
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