opinion: This is still a "classic cyclical bear market"; only worth worrying about if BTC fails to recover in Q4

Lucy Gazmararian, founder of Token Bay Capital, stated that the recent pullback in Bitcoin prices more closely resembles a typical "mid-cycle bear market" rather than a structural market collapse. The market is still in a phase of normal adjustment within the historical cycle. Although Bitcoin is under price pressure, there have been no signs suggesting its long-term investment thesis has been broken. Therefore, this correction should be viewed more as cyclical volatility rather than a sign of deteriorating fundamentals in the crypto market.

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