Fidelity analyst: Bitcoin is still in the acceleration stage, and if it breaks through the previous high, it may rise to more than $110,000

Odaily Planet Daily News Fidelity Digital Assets questioned the view that "Bitcoin has reached the highest point of the cycle" in its latest report, and believed that Bitcoin may be on the eve of the next round of "acceleration phase". Fidelity analyst Zack Wainwright pointed out that the typical characteristics of Bitcoin's acceleration phase are "high volatility and high returns", similar to the market performance when BTC broke through $20,000 in December 2020. Although Bitcoin's return rate since the beginning of the year is -11.44%, a retracement of nearly 25% from its historical high, Wainwright believes that the recent performance is consistent with the average retracement after the acceleration phase in previous cycles. Wainwright believes that Bitcoin is still in the acceleration phase but is nearing the end of the cycle, which has lasted for 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, and the duration of the cycle has been extended from round to round. But historically, there are usually two main upswings in the acceleration phase, and the first one in this round occurred after the election. If it can break through the previous high again, the starting point of the second main upswing may be around $110,000. (Cointelegraph)