Charlie Sherry, head of financial and crypto analysts at BTC Markets, said Bitcoin’s recent drop to $93,000 is “best understood as part of its historical pattern of healthy corrections after sharp gains.”
He added that these pullbacks “are indicative of a cyclical pattern that allows the market to consolidate gains and reduce leverage before further gains,” before predicting that this could be the last major pullback before Bitcoin reaches $100,000.
CK Zheng, co-founder of ZX Squared Capital, commented that $100,000 is a strong resistance level for Bitcoin in the near term, “certain long-term holders may choose to reduce their Bitcoin exposure at this psychological barrier, and the market may enter a consolidation phase after the huge volatility following the US election. We believe that the pullback is healthy, but the magnitude of the pullback will be quite small. A 20% pullback will provide a good entry point for new long-term investors.”
Zheng said the company expects Bitcoin to break the $100,000 milestone “in the coming months” as the new Trump administration pushes for crypto-friendly rules and regulations in the United States. (Cointelegraph)