Julio Moreno, head of research at CryptoQuant, stated that Bitcoin has fallen 26.62% from its all-time high of $109,500, potentially making it the deepest pullback in this bull market cycle.

Looking back at historical cycles, Bitcoin has experienced more severe declines: in 2018, it retraced 83% from its peak, and in 2022, it also experienced a significant pullback of 73%. In comparison, the current 26.62% decline, while significant, has not yet reached the severity of past bear markets.

This means that although the downward pressure in the current market is significant, its impact has not yet reached the extreme levels of previous cycles. However, the crypto and macro research firm ecoinometrics has warned that Bitcoin may struggle to achieve a rapid rebound in the short term.

Analysis points out: "Historical data shows that when the Nasdaq 100 index falls below its long-term annual average return rate, Bitcoin's growth often slows down and faces higher risks of deep pullbacks."