PANews reported on April 12 that crypto analyst Axel Adler stated in an article published on the X platform that, from a structural perspective, the current Bitcoin market correction is still significantly weaker than previous bear markets. In similar cycles, Bitcoin's largest drawdowns reached: approximately -54% in the 2021–2022 cycle, approximately -64% in the 2017–2018 cycle, and approximately -43% in the 2013–2015 cycle.

In contrast, the current market decline is still in a relatively mild range, closer to a "normal adjustment" rather than a deep liquidation phase, but it is not yet sufficient to confirm that the market bottom has been formed. At present, it is still in the stage of structural evolution, and it is necessary to continue to observe whether there is a systemic deterioration or confirmation of a reversal in the multi-level data signals.