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

According to ChainCatcher news and a report by Cointelegraph, Fidelity Digital Assets has questioned the view that "Bitcoin has reached a cycle peak" in its latest report, suggesting that Bitcoin may be on the brink of the next acceleration phase. Fidelity analyst Zack Wainwright pointed out that a typical characteristic of the acceleration phase of Bitcoin is "high volatility and high returns," similar to the market performance when BTC broke through 20,000 USD in December 2020. Although Bitcoin's return rate since the beginning of the year is -11.44%, which is nearly a 25% pullback from its historical high, Wainwright believes that the recent performance is consistent with the average pullback magnitude after the acceleration phase in previous cycles. Wainwright believes that Bitcoin is currently in an acceleration phase but is 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 each cycle lasting longer than the previous one. However, historically, acceleration phases usually feature two major upward waves, with the first one appearing after the elections this time. If it can break through the previous high again, the starting point for the second major upward wave may be around $110,000.