On April 1, according to Cointelegraph, Fidelity Digital Assets questioned the view that "bitcoin has reached its highest cyclical point" in its latest report and believed that Bitcoin may be on the eve of the next "acceleration phase".

Fidelity analyst Zack Wainwright pointed out that the typical characteristics of the Bitcoin 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 year-to-date return is -11.44%, which is nearly 25% from its historical high, Wainwright believes that recent performance is consistent with the average retracement after the acceleration phase in previous cycles.

Wainwright believes that Bitcoin is still in an acceleration phase but is approaching the end of the cycle, and has lasted for 232 days as of March 3. Historical data shows that the acceleration phases from 2010 to 2011, 2015 and 2017 peaked on day 244, 261 and 280, respectively, with the cycle duration extending round by round. However, in the acceleration phase, there are usually two main upward waves, and this round is the first time after the general election. If it can break through the previous high again, the starting point of the second round of main upward wave may be around $110,000.