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- Fidelity Digital Assets challenges Bitcoin’s cycle peak predictions.
- Zack Wainwright suggests Bitcoin is still in the acceleration phase.
- Market implies potential uptrend starting at $110,000.
Fidelity Digital Assets challenges Bitcoin’s cycle peak, suggesting a new acceleration phase. Analyst Wainwright cites historical cycle data.
Fidelity Digital Assets has released a report on April 1, questioning if Bitcoin has reached its cycle high. Analyst Zack Wainwright suggests the cryptocurrency may experience another surge. Fidelity’s analysis challenges prevailing views, indicating Bitcoin could be entering a new acceleration phase, possibly impacting market forecasts.
Fidelity Predicts Potential Bitcoin Surge Above $110,000
Fidelity Digital Assets’ recent report disputes the belief that Bitcoin has reached its peak for the current cycle. The report argues that Bitcoin may be poised for an additional surge, marking the next “acceleration phase.” Zack Wainwright, Research Analyst, highlights historical cycle data and trends showing extended phases.
Bitcoin’s price, having retracted nearly 25% from its all-time high, aligns with average retracements from past cycles. The report predicts the potential for a new uptrend beginning at $110,000 if Bitcoin surpasses previous highs, similar to historical surges.
According to BlockBeats News cited on April 1st, industry reactions are mixed. Wainwright discusses high volatility and returns as typical during Bitcoin’s acceleration. Analysts expect fluctuations and significant returns, resonating with past cycle behavior. Fidelity suggests maintaining a cautious yet observant stance.
Bitcoin Market Trends and Historical Data Analysis
Did you know? Bitcoin’s 2017 acceleration phase lasted 280 days, peaking later than prior cycles, indicating extended durations in recent years.
Bitcoin’s current price stands at $83,290.06, with a market cap of $1.65 trillion, as reported by CoinMarketCap. The market dominance sits at 61.35%, and the 24-hour trading volume is $27.21 billion, reflecting a 55.14% decrease. Over the past 90 days, Bitcoin’s price saw an 11.00% decline, although a 1.28% increase was noted in the last 24 hours.
Coincu analysts highlight that Bitcoin’s price trajectory aligns with historical cycles’ patterns. They stress caution amid regulatory developments, emphasizing technological advancements could further influence Bitcoin’s trajectory. Observing market shifts and remaining vigilant, they suggest seizing potential opportunities while monitoring risks.
