Since Trump won the U.S. election on November 8, Bitcoin has continued to push towards the $100,000 mark, peaking at over $99,500 on November 23, with a cumulative increase of 37.6% over nearly one month.

However, since last weekend, Bitcoin has started to show the most obvious correction since Trump's election, fluctuating downwards from around $99,000, with a low of $90,800 this morning. There has been a slight rebound at the time of writing, with the current price at $91,941, and the decline in the past 24 hours has narrowed to 2.3%.

Bitwise: Investors start taking profits

Regarding the recent correction, Andre Dragosch, head of European research at asset management company Bitwise, stated earlier that Bitcoin's repeated failures to hit $100,000 are due to long-term investors in the market taking significant profits after the post-election rally. These individuals have now started to take profits.

However, Dragosch also added that although Bitcoin's upward momentum may pause in the short term, this should be seen as a healthy correction in a bull market rather than a disruption of the upward trend.

The valuation of Bitcoin is still far from its highest level.

Additionally, Galaxy Digital CEO Mark Novogratz also predicted last week that while it is inevitable for Bitcoin to reach the $100,000 target after the election, there will still be a degree of correction due to the significant amount of leverage in the market.

Currently, there is a lot of leverage in the market, so Bitcoin's price will also undergo corrections.

At the same time, Novogratz also reminds investors that it is better to buy Bitcoin directly rather than companies related to Bitcoin, such as MicroStrategy, because during market liquidations, these companies may experience larger declines.

Finally, Trade Nation senior market analyst David Morrison pointed out that while $100,000 indeed seems like a nice round number at the moment, this level has also become a threshold or obstacle for long-term investors to take further profits.

Glassnode: Long-term holders still expect higher prices

However, unlike the bearish view in the short term, Glassnode previously analyzed that although Bitcoin reached $90,000 after Trump's victory, the 14 million Bitcoins held by long-term holders have all entered profit status. Due to the strong buying power of Bitcoin spot ETFs, over 90% of selling pressure has already been absorbed, providing key support for Bitcoin prices.

Meanwhile, long-term holders, after taking some profits, may continue to wait for higher prices to sell, suggesting that the number of Bitcoins in circulation may take some time to increase.