The large pancake of $BTC probably doesn't need my support, everyone get ready to buy the dip!
This pullback is actually the first serious pullback since Bitcoin's big rise, and it's not necessarily a bad thing. Just like boxing, you need to retract your fist before throwing it out for power. I estimate it might pull back to the range of 89k to 90k, which is a drop of about 10%.
I think the main reason for this pullback is that MSTR announced yesterday that they bought 5.4 billion dollars worth of Bitcoin, but at a high cost of 97,862 per coin. Such a large purchase didn't push Bitcoin past the 100,000 dollar mark in one go.
The market may feel that the 100,000 dollar level is a bit difficult to break through, and with the favorable effects of Trump’s presidency likely nearing completion, people began to sell off in advance.
However, more and more listed companies are increasing their Bitcoin holdings, and Bitcoin's strategic reserves in the US are also increasing, so the positive news hasn’t changed. Therefore, I believe that after some market fluctuations, it will still aim to break through the 100,000 dollar level, and eventually, it should be able to do so.
The show is over!!!
