PANews, February 8 news, according to CoinDesk, "big short" Michael Burry stated that the current downward trend of Bitcoin is similar to the bear market phase of 2022, sparking discussions in the market about the depth of this adjustment. Burry published a chart on the X platform comparing the decline of BTC from about $126,000 to around $70,000, drawing an analogy to the early decline pace of the 2021-2022 bear market. In the previous cycle, Bitcoin had dropped from about $35,000 to below $20,000 before gradually stabilizing. If calculated based on similar decline ratios, some market participants believe the theoretical risk range could point to around $50,000, while Michael Burry did not provide a clear target price. The market has also questioned the validity of single historical cycle comparisons, 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 institutional liquidity brought by spot Bitcoin ETFs, changes in market leverage structure, and the macro environment shifting from an aggressive interest rate hike cycle to one dominated by cross-asset volatility.