Analysis: Bitcoin's recent pullback is a healthy adjustment after a sharp rise, which belongs to a cyclical pattern

Odaily Planet Daily Report: BTC Markets financial and cryptocurrency analyst manager Charlie Sherry said that the recent drop of Bitcoin to $93,000 "is best understood as part of its historical pattern, a healthy correction after a significant rise." He added that these pullbacks "indicate a cyclical pattern, allowing the market to consolidate gains and delever before further upside," and then predicted that this could be the last major correction before Bitcoin reaches $100,000. ZX Squared Capital co-founder CK Zheng commented that $100,000 is a strong resistance level for Bitcoin in the near term, "some long-term holders may choose to reduce their Bitcoin exposure below this psychological barrier, and the market may enter a consolidation phase after the massive volatility after the US election. We believe the correction is healthy, but the magnitude of the correction will be quite small. A 20% correction will provide a great entry point for new long-term investors." Zheng said the firm expects Bitcoin to break the $100,000 milestone "in the coming months" as the new Trump administration will push for crypto-friendly rules and regulations in the US. (Cointelegraph)