Despite the recent price drop, many market observers still hold an optimistic long-term view on bitcoin. Dragoş points out that this pullback should be seen as a "healthy adjustment in the bull market", rather than the end of the uptrend. Novogratz also believes that the bitcoin price may continue to fluctuate, but the overall trend remains bullish, and he expects the price not to fall below $80,000.

The behavior of long-term investors also demonstrates the potential support of the market. According to Glassnode analysis, the strong demand for bitcoin spot ETFs has absorbed over 90% of the selling pressure, becoming a key supportive factor for the price. Although some long-term holders choose to take profits at high prices, many of them still expect higher prices before continuing to sell.

Another noteworthy trend is the ongoing corporate purchases of bitcoin. This week, MicroStrategy announced a reinvestment of $5.4 billion to purchase bitcoin, while other companies like Marathon Digital and Rumble have also indicated plans to increase their bitcoin holdings. This influx of corporate funds provides additional support to the market.

Coinbase Research points out that these corporate purchase plans have relatively low price elasticity, which may help maintain the market's upward momentum in the short term. Meanwhile, as these buying behaviors gradually increase, the bitcoin price may experience a new round of rises in the future.