[Analysis: Unable to assert that the BTC bottom has formed, market approaching a mild bear phase] BlockBeats news, April 12, crypto analyst Axel Adler Jr stated that the current Bitcoin pullback appears significantly milder compared to the bear market phases of the 2017-18 and 2021-22 cycles. However, based solely on the current pullback magnitude, it is still insufficient to assert that the bottom has formed. The maximum drawdown during the 2021-22 cycle was -54%, the 2017-18 cycle saw a maximum drawdown of -64%, and the corresponding drawdown for the 2013-15 cycle was -43%. The current market dynamics are closer to a mild bear market and have not yet entered a deep capitulation phase, making it impossible to confirm the bottom. A true market recovery still requires further waiting. The analyst believes this is merely a pause in the bear market, rather than a reversal of the trend.