Fidelity analyst: Bitcoin is still in the acceleration stage, and if it breaks through its previous high, it may rise to over $110000

Odaily Planet Daily News: Fidelity Digital Assets has questioned the view that "Bitcoin has reached its peak in the cycle" in its latest report and believes that Bitcoin may be on the eve of the next "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 $20000 in December 2020. Although Bitcoin's year to date return rate is -11.44%, a pullback of nearly 25% from historical highs, Wainwright believes that its recent performance is consistent with the average pullback after the acceleration phase in previous cycles. Wainwright believes that Bitcoin is still in an acceleration phase but nearing the end of its cycle, which has lasted for 232 days as of March 3rd. Historical data shows that the acceleration phases of 2010-2011, 2015, and 2017 peaked on the 244th, 261st, and 280th day, respectively, with the duration of each cycle gradually increasing. But in history, there are usually two main waves of acceleration, and this round first appeared after the election. If we can break through the previous high again, the starting point of the second main uptrend may be around $110000. （Cointelegraph）