Bitwise's European Research Director Andre Dragosch recently commented on the recent pullback of Bitcoin, stating that the reason Bitcoin has repeatedly failed to breach the $100,000 mark is due to long-term investors in the market having made significant profits in the post-election rally, and these individuals have now begun to sell to realize their gains. (Background: Arthur Hayes: To maintain rationality during a bull market and cash out at the right time, Bitcoin is expected to reach $250,000 by the end of next year) (Additional context: Bitcoin's market share has dropped to 58%, analysts say: BTC's push towards $100,000 is obstructed, and market funds may flow into Ethereum and other altcoins) Since Trump won the U.S. election on November 8, Bitcoin has been consistently moving towards the $100,000 threshold, peaking at $99,500 on November 23, with an accumulated increase of 37.6% over the past month. However, since last weekend, Bitcoin has begun to show the most significant pullback since Trump's election, fluctuating downwards from around $99,000, reaching a low of $90,800 this morning. As of the time of writing, it has slightly recovered to $91,941, with the decline over the past 24 hours narrowing to 2.3%. Bitwise: Investors Begin to Realize Profits Regarding the recent pullback, Bitwise's European Research Director Andre Dragosch earlier stated that Bitcoin's repeated failure to breach $100,000 is due to long-term investors in the market having made significant profits in the post-election rally, and these individuals have now begun to realize their gains. However, Dragosch also added that while Bitcoin's upward momentum may pause in the short term, this should be viewed as a healthy pullback in a bull market rather than a disruption of the upward trend: Bitcoin's valuation is far from reaching its peak level. Additionally, Galaxy Digital CEO Mark Novogratz also predicted last week that although Bitcoin's goal of reaching $100,000 after the election is inevitable, there will still be a certain degree of pullback due to the significant amount of leverage in the market: Currently, there is a large amount of leverage in the market, so Bitcoin's price will also experience corrections. At the same time, Novogratz reminded investors that it is better to buy Bitcoin directly rather than companies related to Bitcoin, such as MicroStrategy, because when the market liquidates, these companies may experience larger declines. Finally, Trade Nation's senior market analyst David Morrison also pointed out that while $100,000 is indeed a nice round price from the current perspective, this threshold has also become a barrier for long-term investors to further realize profits. Glassnode: Long-term Holders Still Expect Higher Prices However, in contrast to the short-term bearish view, Glassnode previously analyzed that although Bitcoin rose above $90,000 after Trump's victory, long-term holders with up to 14 million Bitcoins have all entered a profit state, but due to the strong buying power of Bitcoin spot ETFs, more than 90% of the selling pressure has been absorbed, providing crucial support for Bitcoin's price. At the same time, after experiencing partial profit-taking, long-term holders may continue to wait for higher prices to sell, indicating that the number of Bitcoins in circulation may take some time to increase. Related Reports Bitcoin's Major Adversary Peter Schiff: Trump's Support for BTC Will Only Weaken the U.S. Economy, Wasting Billions in Taxes Apple CEO Cook: Has Held Bitcoin for 3 Years, NFTs are Interesting, But Apple Has No Intention to Enter Cryptocurrency in the Short Term Bitcoin 'Plummets $6,000 Overnight' Nearly Losing $93,000, Ethereum Quickly Bounces Back, Funds Flow into Altcoins "Bitcoin's Drop to $90,800 Marks the Largest Decline Since Trump's Election! Analysts: Market Leverage is Too Heavy, But It Remains a Healthy Pullback" This article was first published by BlockTempo (the most influential blockchain news media).

#BTC