Token Bay Capital Founder Says Bitcoin Pullback Resembles Mid-Cycle Bear Market

Token Bay Capital founder Lucy Gazmararian said Bitcoin’s recent price pullback is more consistent with a typical “mid-cycle bear market” than a structural market breakdown, describing current conditions as a routine adjustment within historical cycles. According to Odaily, she said that while Bitcoin remains under pressure, there have not been signs sufficient to indicate that its long-term investment thesis has been undermined, and the decline should be viewed more as cyclical volatility than as a signal of deteriorating crypto market fundamentals. Gazmararian added that if Bitcoin still shows no clear recovery in the fourth quarter of this year, it could indicate the market is entering a deeper adjustment or a phase of structural risk. She also noted rising investment enthusiasm in the artificial intelligence sector, including increased attention on a potential Anthropic initial public offering. However, she said these capital flows are not from the same pool as crypto-native capital, and the AI investment boom does not necessarily mean large-scale capital outflows from the crypto market.