BTCprice drops $90,800, the largest plummet since Trump's election! Analyst: The market leverage is too heavy, but still a healthy pullback

Andre Dragosch, head of European research at asset management firm Bitwise, recently said that the reason why BTC has repeatedly failed to hit $100,000 in recent times is that long-term investors in the market have made a big profit in the celebration after the election, and these people have begun to sell and take profits. (Arthur Hayes: Bull Market should remain rational and cash out in a timely manner, BTC looks at $250,000 by the end of next year) (Background supplement: BTC market share dropped to 58%, analysts: BTC hit 100,000 blocked, market funds may flow to altcoin coins such as Ethereum) Since Trump won the US election on November 8, BTC has continued to move towards the $100,000 mark, breaking through $99,500 on November 23, The cumulative increase in the past 1 month has reached 37.6%. However, since the end of last week, BTC has begun to show the most obvious pullback since Trump's election, oscillating and falling from around $99,000, to a low of $90,800 this morning. Writing has rebounded slightly, now at $91,941, narrowing the decline to 2.3% in the past 24 hours. In response to the recent pullback, Andre Dragosch, head of European research at asset management firm Bitwise, said earlier that BTC's repeated failures to hit $100,000 were due to the fact that long-term investors in the market had made a big profit in the post-election celebrations, and they have now begun to take profits. However, Dragosch also added that while the BTC rally may pause in the short term, this should be seen as a healthy pullback in the Bull Market, rather than a disruption of the uptrend: BTC's valuation is far from its peak. In addition, Galaxy Digital CEO Mark Novogratz also predicted last week that although BTC's goal of $100,000 after the election is inevitable, there will be some degree of pullback, because there is also a lot of leverage in the market: there is a lot of leverage in the market at the moment, so the price of BTC will also correct. At the same time, Novogratz also reminded investors that it is better to buy BTC directly, rather than BTC-related companies, such as Micro Strategy, because when the market is liquidated, such companies can fall even more. Finally, David Morrison, senior market analyst at Trade Nation, also pointed out that while $100,000 is indeed a good round number price at the moment, this threshold has also become a threshold or obstacle for long-term investors to further profit. Glassnode: Long-term holders still expect higher prices However, contrary to the short-term bearish view, Glassnode has previously analyzed that although BTC stood at $90,000 after Trump's victory, and BTC with long-term holders up to 14 million has also all entered a profitable state, due to the strong purchasing power of BTCSpot ETF, it has digested more than 90% of the selling pressure, which has played a key role in supporting the BTC price. At the same time, long-term holders may continue to wait for the coin to sell when the price is higher, so it may take some time for the rise to appear depending on the number of BTC in the circulating market. Related reports BTC villain Peter Schiff: Trump's support for BTC will only weaken the US economy and waste billions of taxes Apple CEO Tim Cook: Has held a position in BTC for 3 years, Non-fungible Token is interesting, but Apple has no intention of entering Cryptocurrency BTC in the short term, "overnight big dump of $6,000" narrowly lost 93,000, Ethereum rebounded quickly, and funds flowed into altcoin BTCprice drops $90,800 Trump's biggest drop since his election! Analyst: The market leverage is too heavy, but it is still a healthy pullback" This article was first published in BlockTempo "Dynamic Trend - The Most Influential Block Chain News Media".