PANews February 8 news PANews February 7 news, according to CoinDesk, "Big Short" Michael Burry stated that the current decline in Bitcoin is similar to the bear market phase of 2022, sparking discussions in the market about the depth of this adjustment. Burry posted a chart on the X platform comparing the decline of BTC from about $126,000 to around $70,000, drawing an analogy with the early decline rhythm of the bear market from 2021-2022. In the last cycle, Bitcoin dropped from about $35,000 to below $20,000 before gradually stabilizing. If calculated by a similar decline ratio, some market participants believe the theoretical risk range may point to around $50,000, while Michael Burry did not provide a clear target price. The market has also raised doubts about the validity of a single historical cycle analogy, with trading institutions pointing out that forming a "pattern" based solely on one historical event has limited reference value. The current market environment is significantly different from that of 2021-2022, including the institutional liquidity brought by spot Bitcoin ETFs, changes in the market leverage structure, and the macro environment shifting from an aggressive interest rate hike cycle to cross-asset volatility dominance.