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Bitfinex analyst: Bitcoin faces short-term price adjustment risks

Bitfinex analyst: Bitcoin faces short-term price adjustment risks

2023/12/27 14:03

According to The Block, Jag Kooner, the derivatives director of Bitfinex, stated that Bitcoin continues to face the risk of price correction due to selling pressure from short-term holders and a market environment with insufficient liquidity during holidays. Kooner said, "If short-term holders and retail leveraged traders continue to dominate the market and cause a sustained pullback in a holiday season with relatively poor liquidity, we expect more retracements."

According to Kooner's statement, Bitcoin's price may undergo adjustments above the key level of $44,000. For medium-term holders who have held Bitcoin for 18 to 24 months, this level is a point of profit realization. The profit-taking by short-term holders is one of the main reasons for the recent decline in Bitcoin's price.

However, according to a recent report from Bitfinex, all groups of Bitcoin holders have achieved net profits from Bitcoin for 67 consecutive days. Multiple analysts at Bitfinex stated in the report: "This is the longest continuous growth in realized profits since October 2020 to February 2021, and such continuous growth often leads to market adjustments within bull markets."

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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