Fidelity analyst: The pullback of Bitcoin is consistent with previous acceleration phases, and there is still a possibility of "initiating a second wave of major upward movement."

ChainCatcher news, according to 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 Bitcoin's acceleration phase is "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%, having retraced nearly 25% from its historical high, Wainwright believes that the recent performance aligns with the average retracement seen after acceleration phases in previous cycles.

Wainwright believes that Bitcoin is currently still in the 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. However, historically, acceleration phases usually feature two major upward waves, with the first wave occurring after the election 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.