Research from Fidelity Digital Assets suggests the bull market is not over yet because the "acceleration cycle" has not yet peaked. A report from Fidelity Digital Assets questions whether the bitcoin price has already experienced a cyclical "peak" or whether 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 yield", similar to the price action seen when Bitcoin broke above $20,000 in December 2020. Despite Bitcoin's year-to-date return of 11.44% in losses and the asset's near 25% decline from its all-time high, Wainwright said the performance after the most recent "acceleration phase" is in line with Bitcoin's average retracement compared to previous market cycles.