Fidelity analyst: Bitcoin's retracement is consistent with previous acceleration phases, and there is still a possibility of "starting a second round of main uptrend"

Mars Finance News, on April 1st, according to Cointelegraph, Fidelity Digital Assets questioned the view that "BTC has reached the cycle's highest point" in its latest report, believing that BTC might be on the eve of the next acceleration phase. Fidelity analyst Zack Wainwright pointed out that the typical characteristics of BTC's acceleration phase are "high volatility and high returns," similar to the market performance when BTC broke through $20,000 in December 2020. Although BTC's year-to-date return is -11.44%, with a drawdown of nearly 25% from its historical high, Wainwright believes the recent performance is consistent with the average drawdown in previous cycles' acceleration phases. Wainwright believes that BTC is currently in the acceleration phase but near the end of the cycle, having lasted 232 days as of March 3rd. Historical data shows that the acceleration phases in 2010-2011, 2015, and 2017 peaked at 244, 261, and 280 days respectively, with cycle duration extending in each round. Historically, the acceleration phase usually features two main upward waves, with the first occurring after the election. If it can break through the previous high again, the starting point of the second main upward wave might be around $110,000.