Analyst: The current pullback of Bitcoin may be the largest in the bull run, having fallen 26.62% from its peak.

On April 8, CryptoQuant’s research director Julio Moreno stated that Bitcoin has fallen 26.62% from its historical high of $109,500, likely marking the deepest pullback in this bull run cycle. Looking at historical cycles, Bitcoin has experienced more severe declines: a 83% retracement from its peak in 2018, and a significant 73% pullback in 2022. In comparison, the current decline of 26.62%, while noteworthy, has not yet reached the severity seen in past bear markets. This means that although the current market faces significant downward pressure, its impact has not yet reached the extreme levels of previous cycles. However, the encryption and macro research firm ecoinometrics warns that Bitcoin may struggle to achieve a rapid rebound in the short term. Analysis indicates: “Historically, when the Nasdaq 100 index is below its long-term annualized average return, Bitcoin’s growth often slows down and faces a higher risk of deep pullbacks.”