While recent price movements have not been entirely kind for bitcoin, even when institutions and countries are now considering it as a reserve asset, Fidelity analysts state it might still be in one of its acceleration phases.

Zack Wainwright, Digital Asset Research Analyst at Fidelity, describes this phase as “a time of excitement,” as investors are focused closely on bitcoin’s daily movements. This period also presents high volatility and profit, as investors push the price to its cycle peak.

Wainwright explains that the post-election rally that took bitcoin to an all-new high with prices rising by 56%, is reminiscent of other acceleration phases in the past, including the price breakouts that happened in 2013 and 2017.

He suggested that the end of this phase might be close, likely occurring in the coming months, accompanied by a final rally that can take bitcoin to price discovery territory, as it has done several times.

Examining price data, Wainwright stated:

The Acceleration Phases of 2010–11, 2013, and 2017 reached their tops on day 244, 261, and 280, respectively suggesting a slightly more drawn-out phase each cycle.

While past behavior doesn’t necessarily mean that this time it will also happen in the same way, he stated that if a second rally during the current phase does start, it will have its base near $110,000.

Nonetheless, he explained before that global events, such as the COVID-19 pandemic, can alter market behavior. “A market shifting event could end the Acceleration Phase prematurely or extend it further than anticipated, although this cycle has been uninterrupted so far,” Wainwright noted.

It remains to be seen if the surge of a global tariff regime enacted by the Trump administration will affect the outcome of this phase.

Read more: Crypto Carnage: $509M Wiped Out Post-Trump Tariff Bombshell as BTC, ETH, SOL Spiral

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