The increasing scrutiny of Bitcoin’s market trajectory has generated notable insights from Fidelity Digital Assets, which recently challenged the assertion that Bitcoin has reached its peak for this cycle. In a comprehensive report, Fidelity analyst Zack Wainwright highlighted the potential for Bitcoin to enter a new acceleration phase, characterized by significant volatility and promising returns, reminiscent of the bullish trend observed in late 2020 when Bitcoin crossed the $20,000 threshold.
Currently, Bitcoin’s year-to-date performance has seen a decline of 11.44%, reflecting a substantial pullback of approximately 25% from its all-time high. Nevertheless, Wainwright argues that this recent market correction aligns with historical retracement patterns typically seen after an acceleration phase. As of early March, he noted that the current cycle has endured for 232 days, suggesting it may soon reach its climax, consistent with past cycles which peaked after similar durations.
Historical analysis indicates that Bitcoin’s prior acceleration phases in 2010, 2015, and 2017 reached their zeniths on the 244th, 261st, and 280th days, respectively. Should Bitcoin successfully breach its previous highs, Wainwright speculates that the midpoint of what may become the second major uptrend could position around the $110,000 mark.