Analyst: The recent pullback in Bitcoin is mainly to eliminate the overbought condition, not a trend reversal

2024-11-26 10:26:33

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ChainCatcher news, according to Bloomberg, Bitcoin has set the longest streak of declines since Trump won the U.S. election. As of Monday, Bitcoin has fallen about 6% for three consecutive days.

Since the election day on November 5, the total market capitalization of the cryptocurrency market has increased by $1 trillion, but the momentum has currently stalled. IG Australia analyst Tony Sycamore believes that this pullback is mainly to eliminate overbought conditions and not a trend reversal.

Independent Reserve CEO Adrian Przelozny stated that the current bullish sentiment is expected to last until 2025. TD Cowen analyst Jaret Seiberg pointed out that Trump will gain control over the U.S. SEC after taking office, which will be beneficial for easing cryptocurrency regulations.

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