Viewpoint: Still a "Classic Cyclical Bear Market"; Concerns Only Warranted if BTC Fails to Recover by Q4

Odaily Odaily Planet Daily News Token Bay Capital founder Lucy Gazmararian stated that the recent Bitcoin price correction is more characteristic of a typical "mid-cycle bear market" rather than a structural collapse of the market. The market is still in a normal adjustment phase within the historical cycle. Although Bitcoin's price is under pressure, there have not yet been signs sufficient to indicate that its long-term investment thesis has been broken. Therefore, this round of correction should be viewed more as cyclical volatility rather than a signal of deteriorating fundamentals in the crypto market.

However, Gazmararian emphasized that if Bitcoin fails to show a clear recovery by the fourth quarter of this year, it could mean the market is entering a deeper adjustment period or a phase of structural risk. Currently, investment interest in the artificial intelligence sector is rising, especially with the market's growing attention on Anthropic's potential IPO. However, these capital flows do not belong to the same capital pool as crypto-native capital. Therefore, the AI investment boom does not necessarily imply a large-scale outflow of funds from the crypto market. (CNBC)