Analysis: It cannot be claimed that the BTC bottom has been formed; the market is approaching a mild bear phase

BlockBeats News, April 12th. Cryptocurrency analyst Axel Adler Jr stated that the current Bitcoin pullback appears to be much milder compared to the bear markets at a similar stage in 2017-18 and 2021-22. However, based solely on the current pullback magnitude, it is still not enough to assert that the bottom has been formed. The maximum pullback of the 2021-22 cycle was -54%, the maximum pullback of the 2017-18 cycle was -64%, and the corresponding pullback of the 2013-15 cycle was -43%.

The current market dynamics resemble a mild bear market, not yet entering a deep capitulation phase. The bottom cannot be confirmed, and a turn towards a true market recovery still awaits. The analyst believes that the current phase is just a bear market pause, not a trend reversal.