[Opinion: Currently Still a 'Classic Cyclical Bear Market,' Concern Only Warranted if BTC Fails to Recover in Q4] Odaily Planet Daily reports that Lucy Gazmararian, founder of Token Bay Capital, stated that the recent Bitcoin price pullback aligns more with the characteristics of a typical 'mid-cycle bear market' rather than a structural market collapse. The market is still in a regular adjustment phase within its historical cycle. Although Bitcoin's price is under pressure, there are no signs yet indicating that its long-term investment thesis has been compromised. Therefore, this round of pullback should be viewed more as cyclical volatility rather than a signal of fundamental deterioration in the crypto market. However, Gazmararian also emphasized that if Bitcoin does not show a significant recovery in the fourth quarter of this year, it could indicate that the market is entering a deeper adjustment phase or facing structural risks. Currently, investment enthusiasm in the artificial intelligence sector is rising, particularly with increasing market attention on Anthropic's potential IPO. However, such capital flows do not belong to the same pool as crypto-native capital, meaning the AI investment boom does not necessarily imply a large-scale outflow of funds from the crypto market. (CNBC)