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🔥Analyst: Bitcoin bottom not confirmed, market approaching a mild bear market
Crypto analyst Axel Adler Jr states that this round of Bitcoin retracement is milder than the same stages in the 2017-18 and 2021-22 cycles, but the retracement magnitude is not enough to confirm a bottom has formed. The maximum drawdown in the 2021-22 cycle was -54%, in the 2017-18 cycle -64%, and in the 2013-15 cycle -43%. Current market dynamics are close to a mild bear market, not entering a deep capitulation phase, and the bottom cannot be confirmed. Market recovery still requires waiting. The analyst believes this is only a pause in the bear market, not a reversal.
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