Analyst: Bitcoin is in "beast mode", and there will be a digestion period after the rapid rise
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Odaily Planet Daily reported that Pepperstone Group's research head Chris Weston wrote in a report that coin is in "beast mode". "For traders who are still undecided, the question is whether there is still room to chase this hot market, or wait for a slight pullback and let some of the momentum trend cool down." In the options market, according to data from derivatives exchange , investors are betting that coin will break through $100,000 as early as the end of this year. Meanwhile, software company MicroStrategy Inc. bought about 27,200 coins for about $2 billion from October 31 to November 10. MicroStrategy Inc. is the listed company that holds the most coins outside of ETFs. Fairlead Strategies LLC technical analyst Katie Stockton said in her latest research report that "after such a rapid rise, a period of consolidation is natural, and a short-term neutral bias is recommended."
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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