34072416272 So where will this callback go this time?

Some people panic at the mention of a callback, fearing a significant crash will follow. However, probabilistically speaking, the likelihood of a major callback is quite low.

The data from this callback indicates that it is those long-term holders cashing out, not the ETFs causing trouble. This suggests that even the big players have differences of opinion regarding Bitcoin reaching the $100,000 mark. Institutions have been buying and selling to keep Bitcoin at a high level.

Meanwhile, the long-term holders feel it’s time to cash out a portion, especially since Bitcoin has reached an all-time high. Their actions are understandable. The balance between institutional buying and long-term investors selling could be disrupted if Bitcoin experiences a significant pullback; it would mean long-term investors are cutting profits at the expense of the institutions.

This week’s Thanksgiving holiday means institutional funds are not flowing in, and festive shopping is leading to capital outflow from the crypto space, causing the market to be suppressed. Particularly, the selling pressure from long-term investors has allowed Bitcoin to pull back as desired.

So where will this pullback go? From a market perspective, the $90,000 level is a support point; a pullback to this level could warrant considering adding to positions. Further down, $87,000 is also a support level, and reaching that point could provide an excellent entry opportunity. However, the cost-effectiveness of buying Bitcoin at the bottom is not very high; entering at this stage, under the assumption of a confirmed bull market, is somewhat like knowingly walking into a tiger's den.

We are still in the first half of the bull market, and the real explosion has yet to begin. Don’t lose confidence in the market due to this slight pullback.

In technical analysis, there’s a saying that all gaps must be filled; if the price drops, keep an eye on the promising coins and gradually increase your holdings. At the beginning of the last bull market, it was also Thanksgiving when Bitcoin pulled back by 15%, then oscillated for about a month before slowly taking off.

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