Michael Burry compares the current bitcoin decline to the 2021-22 cycle

Michael Burry shared a bitcoin chart, comparing the current pullback to the 2021-22 cycle when bitcoin fell from around $35,000 to $20,000, suggesting that a deeper correction may occur before bottoming out. Analysts have mixed views on this analogy, pointing out that the previous decline was driven by Federal Reserve tightening and retail leverage, while the current market is influenced by spot ETF, institutional liquidity, and cross-asset volatility.