Odaily News Andrew Kang, co-founder of Mechanism Capital, said in a post on X: "I began to realize that this is the first cycle and complete bull market that many cryptocurrency investors have experienced. Throughout the bull market, BTC's multi-day decline was very limited, limited to less than 20%, and many people seemed to have accumulated holdings in the last pullback in April. However, in the last cycle, the market often carried out leverage cleanup, resulting in a 30% to 60% retracement, which evaporated hundreds of billions of dollars in total. Different cycles, different paradigms, but when people are too comfortable and believe that something is impossible, it is usually when disaster strikes. Although I am bearish, this is not to tell you to short the market or sell everything in the market. Be sure to pay attention to your risks and don't bet all your bets on a single transaction. If our volatility is greater than expected, you may suffer huge losses. "He added: "The current market environment reminds me of May 2021, not June 2021, let alone December 2020. At that time, we were used to only rising and competing for the bottom. We experienced a rise from $64,000 to $45,000. The market was corrected by a $40,000 correction, but everyone expected a rebound. But the end result was that the bottom went all the way down. We held out hope; more retail investors were coming, $40,000 was strong support, super cycles, etc. The same is true in the current environment. It was all 9-10 months after the bullish momentum began. Except this time it was an Ethereum ETF, and the legendary trader was bullish. I believe GCR’s time frame is correct on a multi-year timeframe, and we will see BTC hit new highs in 2025 (but not all altcoins can do the same). This does not mean that the market will not experience extreme corrections on a few months timeframe. After all, the market will teach you how to be a person. "