CryptoQuant research director Julio Moreno said that Bitcoin has retreated 26.62% from its all-time high of $109,500, which is expected to be the deepest pullback of the current bull market cycle. Throughout the historical cycle, Bitcoin has experienced even sharper declines: an 83% retracement from its highs in 2018 and a massive 73% reversal in 2022. By contrast, the current 26.62% decline, while not negligible, is still not as severe as in past bear markets. This means that while the current downward pressure on the market is significant, its influence has not yet reached the extreme levels of previous cycles. However, crypto and macro research firm ecoinometrics has warned that bitcoin may struggle to achieve a quick rebound in the short term. The analysis points out: "Historically, when the Nasdaq 100 index is below its long-term annualized average return, Bitcoin's growth rate also tends to slow down and faces a higher risk of a deep correction."