Fidelity analyst: The pullback of Bitcoin is consistent with previous acceleration phases, and there is still the possibility of "initiating the second main rise."

BlockBeats news, on April 1, according to Cointelegraph, Fidelity Digital Assets has questioned the view that "Bitcoin has reached a cycle peak" in its latest report and believes that Bitcoin may be on the brink of the next acceleration phase. Fidelity analyst Zack Wainwright pointed out that a typical characteristic of Bitcoin's acceleration phase is "high fluctuation and high returns," similar to the market performance when BTC broke through $20,000 in December 2020. Although Bitcoin's year-to-date return is -11.44%, down nearly 25% from its historical peak, Wainwright believes that the recent performance aligns with the average pullback after the acceleration phases in previous cycles. Wainwright believes that Bitcoin is still in the acceleration phase but nearing the end of the cycle, having lasted 232 days as of March 3. Historical data shows that the acceleration phases in 2010-2011, 2015, and 2017 peaked on the 244th day, 261st day, and 280th day respectively, with the duration of each cycle gradually extending. However, historically, the acceleration phase typically sees two main rises, with the first occurring after the election. If it can break through the previous high again, the starting point for the second main rise may be around $110,000.