Bitcoin Faces Short-Term Correction Risks as Analysts Warn of Further Drawdown
Bitcoin faces short-term correction risks as sell pressure from short-term holders and a holiday-induced illiquid market persist. Analysts, including Bitfinex's Jag Kooner, highlight the potential for a pullback above $44,000, emphasizing the role of profit-taking by medium-term holders. Despite a prolonged streak of bitcoin profitability, historical market behavior suggests pullbacks before a projected $3.2 trillion high by 2024. The current valuation parallels past trends, indicating a potential pullback after reaching the $44,000-$45,000 zone.
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