Research from Fidelity Digital Assets suggests that the Bitcoin bull market is not done yet, as the “acceleration cycle” has yet to produce a blow-off top.
A recent Fidelity Digital Assets report questioned whether Bitcoin price had already seen its cyclical “blow off top” or if BTC (BTC) is on the cusp of another “acceleration phase.”
According to Fidelity analyst Zack Wainwright, Bitcoin’s acceleration phases are characterized by “high volatility and high profit,” similar to the price action seen when BTC pushed above $20,000 in December 2020.
While Bitcoin’s year-to-date return reflects an 11.44% loss, and the asset is down nearly 25% from its all-time high, Wainwright says the recent post-acceleration phase performance is in line with BTC’s average drawdowns when compared to previous market cycles.
