Pandoc convert docx to markdown with embedded images

pandoc --extract-media ./myMediaFolder input.docx -o output.md

From the manual:

--extract-media=DIR Extract images and other media contained in or linked from the source document to the path DIR, creating it if necessary, and adjust the images references in the document so they point to the extracted files. Media are downloaded, read from the file system, or extracted from a binary container (e.g. docx), as needed. The original file paths are used if they are relative paths not containing ... Otherwise filenames are constructed from the SHA1 hash of the contents.

Referring to the comment by gridtrak and the problem of an unnecessarily deep directory strucutre (e.g. media/media/image2.jpeg), use the current directory as path DIR, then a folder media is created within the current directory (e.g. media/image2.jpeg):

pandoc --extract-media=. input.docx -o output.md