Ran Neuner has issued a warning that Bitcoin's current price action resembles the breakdown that led to the 2022 capitulation, with a significant factor being Michael Saylor's STRC funding vehicle. In a May 24 interview, Neuner highlighted Bitcoin's "scary structure," noting a bear flag and a retest of the 200-day moving average similar to pre-2022 conditions. He cautioned that a break below the current range could see Bitcoin fall back to the $40,000s or $50,000s. Neuner emphasized the role of STRC, a preferred-stock funding mechanism used by Saylor's Strategy, as a critical market buyer. He noted that STRC's ability to raise capital has been tightening, with fewer days spent near the $100 mark necessary for dividend issuance. This reduction in funding time could impact Bitcoin purchases, potentially removing a major buyer from the market. Neuner also pointed to broader economic risks, including rising Treasury yields and potential liquidity drains from large IPOs, as factors that could exacerbate market vulnerabilities.