Gate News message. On April 12, crypto analyst Axel Adler Jr said that this round of the Bitcoin pullback is noticeably smaller than the bearish-market levels from the same periods in past history, but it is still not enough to claim that a bottom has already formed. He noted that the maximum drawdown in the 2021-22 cycle was -54%, the 2017-18 cycle was -64%, and the 2013-15 cycle was -43%. The analyst believes that current market dynamics are more like a mild bear market; it has not yet entered the deep capitulation phase. The bottom cannot be confirmed yet, and a shift to a true market recovery still needs to wait. For now, this is a pause in the bear market rather than a reversal of the trend.
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