On November 25th, according to Bloomberg, Matt Maley, chief market strategist at Miller Tabak + Co, stated that investors are concerned about Bitcoin’s need to take a break now that it has tested the $100,000 level. Maley also noted that the bullish sentiment surrounding Bitcoin is becoming extreme.
Since the Republican victory on November 5th, the total value of the digital asset market has increased by approximately $1 trillion. David Lawant, head of research at cryptocurrency prime broker FalconX, observed that as Bitcoin approaches the $100,000 mark, he sees an intensification of seller bias, suggesting potential consolidation around this level in the short term before breaking through.
Stephane Ouellette, CEO of cryptocurrency investment firm FRNT Financial Inc., commented that Bitcoin has been extremely overbought since the election and is expected to stagnate. He also pointed out that the current market is not a correction but rather a return to where it was in the middle of last week.
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