Opinion: Bitcoin may need to rise above $350,000 before experiencing a deep bear market of 70%–80%

BlockBeats news, October 17: Crypto analyst Matthew Hyland recently stated in a post that Bitcoin may face a deep bear market in the coming years, with a potential decline of 70%–80%. However, due to substantial support in the $100,000 to $125,000 range, he believes Bitcoin may need to first rise to $350,000 or even higher to open up room for the next major correction.

Hyland also believes this cycle could last 8 years, rather than the traditional 4-year cycle. He stated that the macroeconomic headwinds in this cycle have lasted twice as long as in previous cycles, leading to a corresponding extension of Bitcoin's cycle timeline, and he predicts Bitcoin may peak in 2028.