1. Bitcoin Market
Between March 29, 2025, and April 4, 2025, the specific movements of Bitcoin were as follows:
March 29: After the previous day's decline, Bitcoin's price stabilized around $83,840, briefly rebounding to $84,543. However, the rebound was limited, and Bitcoin entered another downtrend, falling below the $84,000 support level, fluctuating down to $82,014. After a slight rebound, the price continued to fall, reaching a low of $81,878.
March 30: Bitcoin showed signs of stabilization, with the $82,000 support holding temporarily, halting the downward movement. The price entered a period of consolidation and moved upward, reaching $83,478 before retreating to $82,270.
March 31: Bitcoin officially broke the critical support level of $82,000. After opening, the price continued to fall, reaching $81,491 in the early hours. A fierce battle between bulls and bears ensued, and in the evening, the price dropped to $81,459, stopping the decline and starting a rebound, showing a pattern of consolidation and upward movement. By noon, it had quickly risen to $83,633.
April 1: Bitcoin briefly consolidated around $83,470, but after failing to stabilize effectively, the price weakened again, dropping to $82,314. A new upward movement began, breaking the previous high and peaking at $85,291. During this period, the price briefly fell to $82,692 but quickly recovered, successfully breaking the $85,000 mark.
April 2: The price stayed around $85,000 for a period, then fluctuated downward to $83,989. After a short-term correction, the price surged, breaking the $86,000, $87,000, and $88,000 levels, indicating strong bullish momentum.
April 3: Bitcoin continued its upward trend, peaking at $88,377 during the day. However, a sharp correction occurred, and the price quickly dropped, reaching a low of $82,529, forming a cliff-like decline. Although there was a brief rebound to around $83,600, selling pressure remained, and the price dropped below $82,000 again, further testing the bottom at $81,532.
April 4: Bitcoin halted its decline and stabilized, gradually recovering. As of the time of writing, Bitcoin was priced at $82,902, showing initial signs of stabilization in the short term.
Summary
This week, Bitcoin's overall movement displayed a typical "decline—rebound—further decline" pattern. At the beginning of the week, Bitcoin fell step by step, dropping from the $87,000 region to $82,000, forming a short-term bearish structure. In the middle of the week, the price fluctuated between $82,000 and $84,000. In the latter part of the week, volatility increased significantly. Although the price briefly surpassed $88,000 to create a new high, the market experienced a sharp correction due to the announcement of new tariffs by former U.S. President Trump, leading to increased risk-aversion sentiment. The price quickly plummeted, forming a "cliff-like" drop. The current price is stabilizing around $82,900, and the short-term market sentiment appears cautious. Future price movements will need to watch for changes in macroeconomic policies and the effectiveness of key support levels.
Bitcoin Price Movement (March 29, 2025 - April 4, 2025)
2. Market Dynamics and Macroeconomic Background
Capital Flows
1.Exchange Capital Flows
Bitcoin Spot ETF Capital Flows (Data from Farside Investors):
March 31: The total net outflow from Bitcoin spot ETFs was approximately $60.6 million.
April 1: The net outflow expanded to $157.8 million.
April 2: Market sentiment improved, with a net inflow of approximately $334 million.
Exchange Bitcoin Supply:
As of April 1, the Bitcoin supply held by exchanges had dropped to 7.53% of the total supply, marking the lowest level since February 2018. This reflects a reduction in selling pressure and a strengthening of long-term holder confidence.
2.Institutional Investor Trends
GameStop: On March 25, GameStop announced plans to raise $1.3 billion in debt financing to purchase Bitcoin, aiming to use it as a reserve asset to hedge against inflation and align with technological and monetary trends. However, this move sparked market skepticism, causing its stock price to drop by more than 13%.
MicroStrategy: As of March 30, MicroStrategy (now known as Strategy) increased its Bitcoin holdings to 528,185 BTC, accounting for more than 2% of the total circulating Bitcoin supply. Despite this, analyst Gus Gala from Monness Crespi Hardt downgraded the company's stock rating to "Sell," noting that the company may face challenges in future financing.
3.Whale Account Fund Movements
Unusual Movements of Long-Term Dormant Bitcoins:
On March 30, CryptoQuant analyst Maartunn reported that approximately 8,000 long-dormant Bitcoins (5-7 years) were transferred in a large-scale move, with a total value of around $674 million. This transfer occurred within a single block, and the market generally viewed it as a potential source of selling pressure, which led to a shift in market sentiment toward bearishness. However, it could also be attributed to internal adjustments within whale accounts or the reorganization of institutional investors' cold wallets, not necessarily indicating direct selling.
Technical Indicator Analysis
Death Cross: Recently, the 50-day moving average (MA) crossed below the 200-day MA, forming a classic "Death Cross" sell signal. This typically indicates that the market may enter a downtrend.
Relative Strength Index (RSI): The current RSI is around 72, approaching the overbought zone, which could indicate the risk of a price pullback in the short term.
Support and Resistance Levels: The key support levels are between $75,815 and $72,856. If the price breaks through the resistance level of $105,000, it may further test the $110,000 target.
Market Sentiment Analysis
1. Market Sentiment Indicator Analysis
Fear & Greed Index:
According to CoinMarketCap data, the Fear & Greed Index dropped from 27 on March 29 to 24 in the middle of the week, briefly rising to 29 on April 2 before falling back to 24. This fluctuation reflects the continued instability in market sentiment, with fear dominating the market in the early stages. Influenced by uncertainty and price volatility, investor confidence was low. The rebound on April 2 may have been related to changes in capital flows and short-term buying activity, but due to the lack of clear upward momentum, fear regained dominance, indicating that investors remain generally cautious with little confidence in the market's future direction.
2. Market Sentiment Overview
Over the past week, Bitcoin's price experienced significant fluctuations, first dropping sharply to $82,000, then beginning to rise on April 1, briefly touching $88,000 on April 3 before quickly retreating back to around $82,500. Overall, market sentiment remains cautious and fearful. Despite the rebound in early April boosting confidence momentarily, the price failed to establish a firm footing, indicating insufficient bullish momentum and heavy selling pressure. In this context, short-term traders are inclined to buy low and sell high, while long-term holders are adopting a wait-and-see approach, awaiting further clarification of the market trend.
Macroeconomic Background
U.S. New Tariff Policy: On Wednesday (April 2), U.S. President Donald Trump announced new reciprocal tariff policies for multiple countries. The U.S. will impose a 10% tariff on all imported goods, with higher rates for countries deemed to have underperformed in trade. Additionally, Trump stated that a 25% tariff would be imposed on foreign automobiles. This news caused Bitcoin’s price to drop quickly from near $88,000 to around $83,000. Cryptocurrency-related stocks also declined, with Strategy (formerly MicroStrategy) falling about 7%, Coinbase Global dropping 6%, and Robinhood down 9%. The market is concerned that these tariffs could suppress economic growth and exacerbate inflation, thereby affecting investors’ preference for risk assets.
Cryptocurrency Options Expiry and Market Volatility: It was reported that over $14 billion worth of options contracts expired on Friday this week, which could lead to increased volatility in the cryptocurrency market. Additionally, the GDP data released on Thursday could influence market sentiment and trading decisions.
Global Liquidity and Bitcoin Price Movement: According to a report by Merkle Tree Capital, the global M2 money supply has been steadily rising since the end of 2024. The Federal Reserve announced that it will begin reducing quantitative tightening (QT) from $25 billion per month to $5 billion per month starting in April. This increase in liquidity historically has had a lagged correlation of about 10 weeks with Bitcoin’s price rise, potentially providing support for Bitcoin’s price in the coming months.
U.S. Economic Data and Market Expectations: This week, the focus for investors includes March’s employment data, the new trade policy, corporate earnings reports, and the latest developments in the manufacturing and services sectors. Notably, the employment report on Friday, the job vacancy data on Tuesday, the ADP private sector hiring report on Wednesday, and the weekly unemployment claims data on Thursday. These data points will provide important clues about the health of the U.S. economy and may influence investors’ attitudes toward risk assets.
3. Hashrate Changes
From March 29 to April 4, 2025, the Bitcoin network hash rate exhibited volatility, as outlined below:
On March 29, the Bitcoin network hash rate fell from 862.01 EH/s to 786.65 EH/s, followed by a brief rebound to 848.43 EH/s. However, the upward momentum could not be sustained, and the hash rate dropped again to 769.28 EH/s, displaying high volatility. On March 30, the hash rate initially rose to 857.02 EH/s, but due to volatility, it quickly fell to 781.84 EH/s.Although there were signs of a rebound, it again dropped to 730.04 EH/s and remained below 750 EH/s for an extended period, indicating that some miners may have temporarily exited the network due to profitability pressures. On March 31, the hash rate saw a significant increase, quickly rising to 848.00 EH/s, then experiencing a brief pullback before surging again, peaking at 922.66 EH/s, signaling increased miner activity. On April 1, the hash rate dropped quickly to 822.27 EH/s and continued its downward trend, reaching a low of 759.35 EH/s, overall showing a weak corrective pattern. On April 2, the hash rate rebounded strongly, first rising to 905.68 EH/s, then slightly falling to 817.41 EH/s. However, it surged again, reaching an intraday high of 997.51 EH/s, marking the week's peak, and then slightly adjusted to around 940 EH/s. On April 3, the hash rate fell to 824.77 EH/s, then further dipped to 802.10 EH/s, but gradually recovered in the latter part of the day, rebounding to 965.17 EH/s at the time of writing, showing signs of a rapid recovery in computational power.
Overall, Bitcoin's network hash rate followed a pattern of "fluctuating decline—rapid recovery—sharp volatility" throughout the week. In the first half of the week, the hash rate dipped below 750 EH/s, indicating that some miners temporarily left the network during the price adjustment period. As market sentiment improved, computational power quickly recovered, and by the second half of the week, it nearly reached 1,000 EH/s, reflecting the network's high resilience and the miners' rapid response capabilities.
Continuous attention is needed on the impact of future price fluctuations on small and medium miners, as well as the effect of the upcoming difficulty adjustment on the stability of the hash rate.
Bitcoin Network Hashrate Data
4. Mining Revenue
According to the latest model estimates from MacroMicro, as of April 2, 2025, the unit production cost of Bitcoin is approximately $88,427.27, while the spot price on that day is around $82,900. The corresponding Mining Cost-to-Price Ratio is 1.07. This ratio is significantly higher than 1, indicating that the current market price is below the average mining cost across the network, and the network is operating below the breakeven point. Most miners are facing compressed profits or losses.
This phenomenon reflects the significant squeeze on miner profit margins in the current market environment, especially for miners with high electricity costs or those using low-efficiency equipment. Small and medium-sized mining farms, particularly those relying on older-generation ASIC miners, may have already entered a marginal loss or even a complete loss situation. Historical data shows that when the cost-to-price ratio remains above 1, it usually leads to the exit of some inefficient hashing power from the market, reducing the overall network hashrate and triggering a downward difficulty adjustment to rebalance the network's operating costs and entry barriers.
Additionally, it is worth noting that an increase in the Mining Cost-to-Price Ratio is often synchronized with weak market sentiment or rapid price corrections. Therefore, this indicator can also serve as a leading signal of miner survival pressure and a potential early indicator of a market bottom, providing some forward-looking reference value.
According to Hashrate Index data, as of April 4, 2025, the Bitcoin hash price (Hashprice) is $46.51 per PH/s/day, showing a slight rebound on a week-over-week basis but still remaining in a relatively low range. Hashprice, as the core indicator of miner revenue per unit of hashing power, is influenced by Bitcoin prices, mining difficulty, and block transaction fees. Recently, the decline in Bitcoin prices, combined with the increase in mining difficulty, has put pressure on the hash price level, further compressing miner profitability.
If Bitcoin prices cannot achieve an effective rebound in the short term, and if energy and maintenance costs remain high, it is possible that some regions will experience a migration of hashing power or a trend toward centralization. In particular, miners with access to cheap electricity or who have deployed high-efficiency mining machines will have an enhanced competitive advantage, accelerating the concentration of the market toward the leading players.
Bitcoin Mining Cost Data
5. Energy Costs and Mining Efficiency
According to CloverPool data, as of the time of writing, the total Bitcoin network hashrate has reached approximately 842.54 EH/s, with the current network mining difficulty at 113.76 T. Based on block interval projections, the next difficulty adjustment is expected to occur in about 1 day, with an estimated increase of around +4.57%. After the adjustment, the difficulty is expected to rise to 118.95 T.
This difficulty increase means that the efficiency of mining Bitcoin per unit of hashrate will further decline, specifically reflected in the reduced output per unit of energy consumption (i.e., a decrease in energy efficiency ratio), which corresponds to a contraction in marginal returns for miners. In the context of Bitcoin prices being relatively under pressure, this trend will exacerbate the profitability pressure on mining farms with high electricity prices and high operating costs, particularly for miners who have failed to deploy high-efficiency ASIC equipment in time, significantly increasing potential risks.
Based on current difficulty and hashrate levels, the network's average block time is still slightly faster than 10 minutes, which is the direct factor driving the further difficulty adjustment. At the same time, as major global mining regions gradually enter the spring and summer seasons, the end of the dry season in some hydroelectric regions may continue to release hashrate resources in the short term, further pushing up the network's difficulty level.
Additionally, it is worth noting that if Bitcoin prices remain at the current level (around $82,900) or continue to decline, while the network difficulty continues to rise, this will directly lead to a continued decrease in Hashprice (mining revenue per EH/s per day), further compressing miners' unit energy consumption returns.
As Bitcoin approaches the important halving cycle (expected in mid-April 2025), the aforementioned trend will have an even greater impact. Miners need to optimize their energy structure and equipment iteration strategies in advance to prepare for the upcoming dual challenges of "halved output per unit + rising difficulty."
Bitcoin Mining Difficulty Data
6. Policy and Regulatory News
U.S. Bitcoin Legislation Accelerates—Multiple States Advance Self-Custody Rights and Government Investment
California Submits the "Bitcoin Rights Act"—Establishes Self-Custody Rights and Limits Government Intervention
On March 29, 2024, the California State Legislature officially submitted Assembly Bill AB-1052, the "Bitcoin Rights Act," aimed at protecting California residents' rights to self-custody Bitcoin and other digital assets. The bill also prohibits the government from imposing taxes or restrictions on Bitcoin payments. Additionally, it establishes a legal framework for handling unclaimed digital assets and amends the 1974 Political Reform Act to explicitly prohibit public officials from promoting or issuing digital assets. Supporters believe that if passed, this bill could serve as a national reference model for Bitcoin regulation.
Rhode Island Proposes Bitcoin Tax Exemption Policy—$10,000 Monthly Cap to Encourage Business Adoption
In March 2024, the Rhode Island State Senate submitted Bill No. 0451, proposing a state capital gains tax exemption for up to ten Bitcoin transactions per month, with each transaction not exceeding $1,000. The bill clarifies that this policy applies only to state taxes and does not affect federal tax obligations. It also mandates the complete preservation of transaction records for tax audits. Chris Perrotta, Chairman of the Rhode Island Blockchain Committee, stated that this initiative would lower barriers to Bitcoin transactions and encourage more businesses to accept Bitcoin payments, strengthening the state's position in blockchain economic competition.
Texas Proposes Government Bitcoin Investment Bill—Plans to Establish a $250 Million BTC Reserve
On April 2, 2024, a Democratic representative in the Texas House of Representatives introduced a new bill proposing that the state government invest up to $250 million in Bitcoin, with an additional allowance for cities and counties to invest up to $10 million each. The bill aims to incorporate Bitcoin into public fund allocations to enhance financial diversification and long-term returns. If passed, Texas would become the first U.S. state to formally establish a government Bitcoin reserve, potentially prompting other states to consider Bitcoin as a strategic asset.
Arizona House Committee Passes Bitcoin Reserve Bill—Moves to Final Voting Stage
On April 3, 2024, the Arizona House Committee officially passed the Bitcoin Reserve Bills (SB 1025 and SB 1373). The bills have now entered the third reading process and will undergo a final vote in the House of Representatives. If successfully passed, they will be submitted to the governor for approval, positioning Arizona as a key proponent of Bitcoin in U.S. fiscal strategy.
Alabama and Minnesota Legislators Push for Bitcoin Reserves—Allowing the State to Invest in Bitcoin
On April 3, 2024, it was reported that legislators from Minnesota and Alabama have introduced companion bills identical to existing legislation, allowing the states to purchase Bitcoin. On April 1, Minnesota Republican Representative Bernie Perryman introduced theMinnesota Bitcoin Bill(HF 2946) in the state House of Representatives, following a similar bill introduced by Republican State Senator Jeremy Miller on March 17. Meanwhile, on the same day in Alabama, Republican Senator Will Barfoot introduced Senate Bill 283, and a bipartisan group of Representatives led by Republican Mike Shaw introduced House Bill 482, which allows the state to invest in cryptocurrency but essentially limits it to Bitcoin.
Senior Brazilian Official: Bitcoin Reserves Are "Crucial" to Brazil's Prosperity
March 29 – According to Decrypt, Pedro Giocondo Guerra, Senior Advisor to the Vice President of Brazil, recently stated on behalf of the government: "A strategic Bitcoin reserve is essential for the nation's prosperity. Discussions on establishing a BTC reserve could be a key factor in determining Brazil’s future prosperity, aligning with national and public interests."
Previously, Brazilian lawmaker Eros Biondini (PL-MG) introduced legislation proposing the creation of aStrategic Sovereign Bitcoin Reserve (RESBit). Under this proposal, 5% of Brazil’s foreign exchange reserves (international reserves) would be held in Bitcoin. TheCentral Bank of Brazilwould be responsible for custody, utilizing advanced monitoring systems, blockchain technology, and artificial intelligence to oversee transactions.
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Bitcoin Adoption in the EU Hindered by "Fragmented" Regulatory Framework
March 29 – While the United States is advancing landmark cryptocurrency regulations in an effort to establish Bitcoin as a national reserve asset, institutional Bitcoin adoption in the European Union remains slow. Since President Trump signed an executive order on March 7, aiming to create afederal Bitcoin reserveusing seized cryptocurrencies, most European companies have remained silent on the matter.
According toElisenda Fabrega, General Counsel at Brickken (a European real-world asset tokenization platform), this stagnation may be due to Europe’s complex regulatory framework. She stated: "Bitcoin adoption among European companies remains constrained. This hesitation reflects deeper structural divisions rooted inregulation, institutional signaling, and market maturity. The EU has yet to take a clear stance on Bitcoin as a reserve asset."
7. Mining News
Galaxy Digital Plans to Scale Down Bitcoin Mining, Texas Data Center Shifts to AI-Related Business
March 29 – According to Galaxy Digital's financial report, the company plans to reduce its Bitcoin mining output over the next few quarters and transition its Texas data center into an AI and high-performance computing (HPC) facility. This transformation is based on a 15-year hosting agreement signed with CoreWeave.
Hut 8 Mining and Trump’s Son Announce the Formation of American Bitcoin Company
March 31 – Hut 8 Mining and Eric Trump, the second son of former U.S. President Donald Trump, have announced the establishment of American Bitcoin, a company aimed at setting new standards in Bitcoin mining.
American Data Centers, owned by Donald Trump Jr. and Eric Trump, will merge with American Bitcoin and hold a 20% stake in the company.
American Bitcoin is a mining business majority-owned by Hut 8, a publicly traded crypto mining company. They plan to build the largest digital currency mining operation in the world and intend to establish their own Bitcoin reserves.
JPMorgan: 14 Publicly Listed Bitcoin Mining Companies Lost 25% of Market Value in March
April 2 – According to Decrypt, JPMorgan reported on Tuesday that Bitcoin miners continue to face challenges, with 14 publicly traded mining companies experiencing their worst recorded month in March.
Companies tracked by JPMorgan, including MARA and Core Scientific, saw their combined market value shrink by 25%, losing approximately $6 billion last month.
The report also stated that companies involved in high-performance computing (HPC) businesses have underperformed compared to pure Bitcoin miners for the second consecutive month.
JPMorgan's data shows that these 14 mining firms also struggled in February, with a total market cap decline of over 20%, equating to another $6 billion loss.
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U.S. Senator Introduces FLARE Act to Support Bitcoin Mining Industry
April 2 – U.S. Senator Ted Cruz recently introduced the FLARE Act (Facilitating the Use of Low-Altitude Atmospheric Emissions), a federal proposal aimed at turning wasted energy into productive use through targeted tax reforms.
This federal bill seeks to amend the 1986 Internal Revenue Code, allowing for the permanent full expensing of property used to capture flared or vented natural gas and convert it into value-added products.
Cruz described this initiative as a strategic move to leverage Texas' abundant energy resources and solidify its leadership in the digital asset sector.
The senator stated:"I am committed to making Texas the premier destination for Bitcoin mining. The FLARE Act incentivizes entrepreneurs and crypto miners to utilize stranded natural gas that would otherwise go to waste."
8. Bitcoin-Related News
Global Corporate and National Bitcoin Holdings (This Week's Statistics)
- Fidelity Increases Bitcoin Holdings: On March 29, Fidelity purchased nearly $100 million worth of Bitcoin, bringing the total value of its Bitcoin ETF (FBTC) holdings to $16.6 billion.
- El Salvador's Bitcoin Holdings Update: As of March 30, El Salvador held 6,131.1 BTC (approximately $505 million). By March 31, the holdings increased to 6,132.18 BTC (approximately $606 million).
- Metaplanet Expands Bitcoin Holdings: On March 31, Metaplanet issued a zero-interest bond worth 2 billion yen (approximately $13.38 million) to purchase Bitcoin. On April 1, Metaplanet acquired 696 BTC, increasing its total holdings to 4,046 BTC, with an average cost of approximately $86,300 per BTC. On April 2, Metaplanet further increased its holdings by 160 BTC, maintaining an average cost of approximately $86,300 per BTC.
- Japanese Game Developer enish to Purchase Bitcoin: On April 2, according to an official announcement, Japanese publicly listed game developer enish announced that it would incorporate Bitcoin into its financial strategy. The company plans to purchase Bitcoin worth 100 million yen (approximately $670,000) between April 1 and April 4, positioning Bitcoin as a key part of its overall financial strategy.
BlackRock CEO Pledges to Unlock Private Investment for the Public, Suggests Bitcoin Could Replace the U.S. Dollar
March 31 – BlackRock CEO Larry Fink has pledged to open private markets to millions of everyday investors, rather than limiting access to only the wealthy few. He emphasized that individuals should share more of the benefits of economic growth.
Fink stated that in recent years, capitalism has "only served a select few," leading to growing anxiety across the economy. He noted that economic uncertainty is now more severe than at "any point in recent history," and expanding investment opportunities could help alleviate these concerns.
In his annual letter to investors on Tuesday, Fink also highlighted that the U.S. dollar’s status as the global reserve currency is "not guaranteed forever" and warned that countries need to manage their debt. He suggested that the U.S. dollar could lose its position and be replaced by digital assets like Bitcoin.
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Survey: 25% of Hong Kong Respondents Want to Own Virtual Assets, Bitcoin is the Most Popular
April 1 – According to a public opinion survey conducted by the School of Business and Management at the Hong Kong University of Science and Technology, about 25% of respondents expressed interest in owning virtual assets in the future. This marks a 6-percentage-point increase compared to mid-September 2023, following an alleged fraud incident involving a cryptocurrency platform.
The survey results indicate that 81% of respondents are interested in holding Bitcoin, a 7-percentage-point increase from the first survey. Meanwhile, interest in non-fungible tokens (NFTs) has declined by 11 percentage points, reflecting a shift in investor preference away from speculative digital collectibles toward other asset classes.
Arthur Hayes: Still Believes Bitcoin Can Reach $250,000 by Year-End
April 1 – BitMEX co-founder Arthur Hayes stated in his latest blog post:
"Bitcoin’s value = technology + fiat liquidity. The technology is effective and will not undergo any major changes in the near future, whether positive or negative. Therefore, Bitcoin trading is entirely based on the market’s expectations of future fiat currency supply. If my analysis of the Federal Reserve shifting from Treasury QT to QE is correct, then Bitcoin’s local bottom of $76,500 last month means we are now on our way to $250,000 by year-end.
Of course, this is not an exact science, but if I use gold as an example and had to bet on whether Bitcoin would first touch $76,500 or $110,000, I would bet on the latter. Even if the U.S. stock market continues to decline due to tariffs, collapsing earnings expectations, or weakened foreign demand, I still believe Bitcoin has a higher probability of continuing its climb.
Recognizing the risks and rewards, Maelstrom is cautiously deploying capital. We are not using leverage, and our purchases remain small relative to our total investment portfolio. We have been buying Bitcoin and altcoins at all levels between $90,000 and $76,500. The pace of capital deployment will speed up or slow down depending on the accuracy of my predictions. I still believe Bitcoin can reach $250,000 by the end of the year."
Fidelity Research: Bitcoin is Preparing for the Next "Acceleration Phase"
April 1 – Research from Fidelity Digital Assets suggests that the Bitcoin bull market is not over, as the "acceleration phase" has yet to peak. A report from Fidelity Digital Assets questions whether Bitcoin has already experienced a cyclical "top" or if it is on the verge of another "acceleration phase."
According to Fidelity analyst Zach Wainwright, Bitcoin’s acceleration phase is characterized by "high volatility and high returns," similar to the price movement when Bitcoin broke past $20,000 in December 2020. While Bitcoin has recorded an 11.44% loss year-to-date and is down nearly 25% from its all-time high, Wainwright noted that Bitcoin’s performance following the recent "acceleration phase" aligns with the average drawdown levels seen in previous market cycles.
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Trump’s Second Son: Bitcoin is One of the Greatest Stores of Value
April 2 – Eric Trump, the second son of Donald Trump, stated:"Bitcoin is one of the greatest stores of value, highly liquid, and an excellent hedge against real estate."
Fidelity Research Analyst: Bitcoin May Enter Acceleration Phase, Base Price Could Stabilize at $110,000
On April 3, 2024, Bitcoin.com reported that Fidelity Digital Assets research analyst Zack Wainwright stated that Bitcoin may currently be in an acceleration phase, exhibiting high volatility and profit-taking characteristics similar to the price breakthroughs of 2013 and 2017. He pointed out that after the elections, Bitcoin's price rose by 56%, and if it enters a second rally, the base price could stabilize around $110,000, with expectations to reach its peak in the coming months.
