BlockBeats News, April 8th, CryptoQuant's Research Director Julio Moreno stated that Bitcoin has retraced 26.62% from its all-time high of $109,500, potentially marking the deepest pullback of this bull market cycle.
Throughout historical cycles, Bitcoin has experienced more severe drops: in 2018, it retraced 83% from its peak, and in 2022, it also underwent a significant 73% correction. In comparison, the current 26.62% decline, while noteworthy, has not yet reached the severity of past bear markets.
This implies that despite the significant downward pressure in the current market, its impact has not yet reached the extreme levels of previous cycles. However, ecoinometrics, a crypto and macro research firm, warned that Bitcoin may struggle to achieve a rapid rebound in the short term.
The analysis pointed out: "Based on historical data, when the Nasdaq 100 Index is below its long-term annualized average return rate, Bitcoin's growth tends to slow down, facing higher risks of deeper pullbacks."
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