According to Odaily, Fidelity Digital Assets has released a report challenging the notion that Bitcoin has reached its cycle peak. The report suggests that Bitcoin might be on the verge of a new 'acceleration phase.' Analyst Zack Wainwright highlights that such phases are characterized by 'high volatility and high returns,' similar to the market behavior observed in December 2020 when Bitcoin surpassed $20,000.
Despite Bitcoin's year-to-date return being -11.44% and a nearly 25% pullback from its historical high, Wainwright believes the recent performance aligns with the average retracement seen after acceleration phases in previous cycles. He notes that Bitcoin is still in the acceleration phase but nearing the cycle's end, 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, 261st, and 280th days, respectively, with each cycle's duration progressively increasing.
Historically, acceleration phases typically feature two major upward waves, with the first occurring after the election. If Bitcoin can surpass its previous high again, the second wave might start near $110,000.
