"Big Short" Michael Burry stated that the current Bitcoin decline bearishly mirrors the 2022 bear market, sparking discussions about the depth of this correction. Burry posted charts on the X platform comparing BTC's decline from approximately $126,000 to around $70,000 with the early stages of the 2021-2022 bear market. In the previous cycle, Bitcoin fell from approximately $35,000 to below $20,000 before gradually stabilizing. Based on similar decline ratios, some market participants believe the theoretical risk range could be around $50,000, but Michael Burry did not provide a specific target price. The market has also questioned the validity of analogies based on a single historical cycle, with some trading institutions pointing out that patterns formed from a single historical event have limited reference value. The current market environment differs significantly from that of 2021-2022, including institutional liquidity from Bitcoin ETFs, changes in market leverage structure, and a shift in the macroeconomic environment from an aggressive interest rate hike cycle to one dominated by cross-asset volatility. (CoinDesk)