On April 8, Julio Moreno, head of research at CryptoQuant, said Bitcoin’s 26.62% decline from its all-time high of $109,500 is expected to be the deepest pullback in this bull cycle.

Throughout the historical cycle, Bitcoin has experienced a more drastic decline: it drew 83% from its high in 2018 and also drew sharply by 73% in 2022. In contrast, the current 26.62% decline cannot be ignored, but it has not reached the severity of the past bear market.

This means that despite the significant downward pressure on the current market, its influence has not reached the extreme levels of previous cycles. However, crypto and macro research firm ecoinometrics warned that Bitcoin may be difficult to achieve a rapid rebound in the near term.

"From historical data, when the Nasdaq 100 index is below its long-term annualized average return, Bitcoin's growth rate will often slow down and face higher risk of deep pullbacks."