Analyst: The main reason for this Bitcoin pullback is to eliminate the overbought condition, not a trend reversal
According to Bloomberg, Bitcoin has set the longest losing streak since Trump won the US election. As of Monday, Bitcoin has fallen about 6% for three consecutive days.
Since Election Day on November 5th, the total market value of cryptocurrencies has increased by $1 trillion, but the current momentum is stagnant. IG Australia analyst Tony Sycamore believes that this adjustment is mainly to eliminate overbought conditions and not a trend reversal. Independent Reserve CEO Adrian Przelozny said that the current bull market sentiment is expected to continue until 2025. TD Cowen analyst Jaret Seiberg pointed out that after Trump takes office he will gain control over the U.S SEC which would be beneficial in relaxing cryptocurrency regulations.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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