Analyst: Bitcoin’s current pullback is relatively mild compared with past ones, but the bottom has not been confirmed yet.

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.