Odaily News Andrew Kang, co-founder and partner of Mechanism Capital, wrote on the X platform: "Most market participants do not realize the severity of the possible decline in Bitcoin's 4-month volatility range. The closest similar situation we can find is the range in May 2021, when Bitcoin and altcoins also experienced a parabolic rise. The leverage of cryptocurrencies above $50 billion here is also close to the historical high (chart excludes CME), but in this case, our range is longer (18 weeks vs. 13 weeks) and there has not yet been an extreme wash-out, which we have experienced several times during the 2020-2021 bull market. My initial estimate of a low of $50,000 may be too conservative, and we may see a more extreme pullback to the $40,000 range. Such a pullback could cause considerable damage to the market and may require several months of shock/downtrend (recovery period) before a reversal of the upward trend may occur."