PANews reported on February 7th, citing CoinDesk, that "big short" Michael Burry stated that the current Bitcoin decline is similar to the 2022 bear market, sparking discussions about the depth of this correction. Burry posted a chart on the X platform comparing BTC's decline from a high of approximately $126,000 to approximately $70,000, drawing parallels 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 point to 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 only one historical event have limited reference value. The current market environment differs significantly from that of 2021-2022, including institutional liquidity brought by spot 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.