BitMine President Tom Lee believes the recent downturn in the cryptocurrency market closely resembles past major crashes. He points to the substantial liquidation events triggered by a stablecoin price error on October 10th as evidence of this resemblance, where 2 million accounts were liquidated and liquidity nearly froze within minutes. 2. Lee argues that these large-scale liquidations typically occur as part of the deleverage cycle, which lasts around eight weeks. According to him, the current market correction is in its sixth week, suggesting we may be nearing its end. While analysts confirm the recent price declines and increased selling pressure are linked to the unwinding of leveraged positions, Lee’s assessment adds further confidence for a near-term recovery despite ongoing market uncertainties. Experts believe this reduction in leverage could ease selling pressure on the market, paving the way for more stable Bitcoin and other crypto asset prices.