Are we to take it that r is some fixed constant? I'm going to call it "a" because I want to change to polar coordinates.
Would you believe the path is a straight line?
With [itex]x= r \cos(\theta)[/itex] and [itex]y= r \sin(\theta)[/itex], the equation of the curve becomes [itex]r^2= a^2(r^2 cos(2\theta))[/itex] or [itex]\cos(2\theta)= 1/a^2[/itex].
If [itex]a^2< 1[/itex], then that is impossible- there is no such curve. If [itex]a^2\ge 1[/itex], that is a straight line through the origin making angle [itex]\theta= (1/2)cos^{-1}(1/a^2)[/itex]. In particular, for a= 1, the graph is the x-axis.
More generally, from
[tex]tan(\theta/2)= \sqrt{\frac{1- cos(\theta)}{1+ cos(\theta)}}[/tex]
with [itex]cos(2\theta)= 1/a^2[/itex]
[tex]tan(\theta)= \sqrt{\frac{1- \frac{1}{a^2}}{1+ \frac{1}{a^2}}}= \sqrt{\frac{a^2- 1}{a^2+ 1}}[/tex]
So the path is a straight line, through the origin, with slope
[tex]\sqrt{\frac{a^2- 1}{a^2+ 1}}[/tex].