Odaily Planet Daily News - Fidelity Digital Assets questioned the view that "Bitcoin has reached its cycle high" in its latest report, suggesting that Bitcoin may be on the eve of the next "acceleration phase". Fidelity analyst Zack Wainwright pointed out that the typical characteristics of Bitcoin's acceleration phase are "high volatility 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%, 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 Bitcoin 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 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 big election. If it can break through the previous high again, the starting point of the second main upward wave could be around $110,000. (Cointelegraph)