Analyst: Bitcoin's pullback is mainly to eliminate overbought conditions, not a trend reversal

According to Bloomberg, Bitcoin has set a record for the longest losing streak since Trump won the US election. As of Monday, Bitcoin has lost about 6% for three consecutive days. Since the November 5th election day, the total market capitalization of the cryptocurrency market has increased by 1 trillion US dollars, but the growth is currently stagnant. IG Australia analyst Tony Sycamore believes that the pullback is mainly to eliminate overbought conditions, 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 of the US SEC, which will help ease cryptocurrency regulations.