Anthony Scaramucci (앤서니 스카라무치), the founder of SkyBridge Capital, said bitcoin has clearly entered a bear market. He said the relatively smaller decline compared with past cycles could be seen as positive.

U.Today, a blockchain outlet, reported on Aug. 18 that Scaramucci described the current bitcoin market as a "clear bear market" at the Wyoming Blockchain Symposium. He also said this decline is showing a somewhat different pattern from past bear markets.

Scaramucci said bitcoin has fallen only 55 percent. He said the drop is limited compared with the 75 to 80 percent plunges seen in past bear markets. He said the smaller decline could be a positive sign and that demand to buy bitcoin ahead of the next upturn may still remain in the market.

He also cited lower volatility, changes in the mining industry and bitcoin's traditional four-year cycle as reasons the price has recently lacked a clear direction.

He said bitcoin prices have stayed broadly at similar levels between when war began in February and now, and that market volatility has fallen sharply. He also said some bitcoin miners are shifting the focus of their business toward artificial intelligence, and that some funds that had been flowing into the crypto market, including bitcoin, are moving into AI.

He said bitcoin's traditional four-year cycle is also affecting the current stagnant trend. He said the market has entered a period when a bearish phase typically appears, and with about 18 to 19 months left until the next halving, multiple factors are combining to limit bitcoin's price moves.

He maintained an optimistic stance on the long-term outlook. Scaramucci said that when the next halving arrives, new bitcoin supply will fall, tightening supply and demand and increasing upward pressure on prices. He said bitcoin could again rise above $100,000 in that process.

He said a strong rebound in the short term is unlikely. He said limited volatility and range-bound trading could continue without a clear direction until expectations for the halving are fully reflected in prices.

Scaramucci said bitcoin may show limited volatility for the time being, but could regain upward momentum if the supply reduction effect becomes fully visible through the next halving. He said the current bear market is closer to a corrective phase before a long-term uptrend resumes.