There are differing views in the market regarding Bitcoin's price direction. Conservative analysts believe the decline could reach 80-85%, with potential lows of $25,000-$40,000 (by 2027), citing historical precedent that previous bear markets saw significant drawdowns and retail panic selling could amplify losses. "The Big Short" Michael Burry warned that Bitcoin has exposed its purely speculative nature, cautioning that a further 10% decline could cripple financing capabilities of related companies and potentially trigger a cross-market crash. Technical analyst Alex Thorn points out that after breaking below the key support of $63,000, a downside channel has opened, with targets pointing toward the $35,000-$40,000 range.