[Analyst: Bitcoin Pullback is a Short-Term Correction, Not a Cycle Top] Odaily Planet Daily reports that Bernstein analysts stated in their latest research report that Bitcoin's approximately 25% decline from its early October peak appears more like a 'short-term correction' rather than the top of the current cycle. They pointed out that although some investors sold early based on the historical four-year cycle pattern, the current market structure is significantly stronger than in past cycles. The analysts noted that over the past six months, long-term investors holding Bitcoin for more than a year have sold approximately 340,000 BTC (around $38 billion), but this has been almost entirely absorbed by a net inflow of about $34 billion from spot ETFs and corporate treasuries. The institutional holdings of Bitcoin ETFs have also risen from 20% at the end of 2024 to the current 28%, indicating a more stable holding structure. Addressing concerns that Strategy (formerly MicroStrategy) might sell Bitcoin due to the price pullback, Bernstein analysts emphasized that the company's management has confirmed they will not sell any BTC. Its $6.1 billion Bitcoin holdings correspond to $800 million in debt, which remains manageable. The report concludes that Bitcoin currently does not resemble a cycle top but rather a routine pullback within a multi-year trend of institutional participation. If Bitcoin stabilizes around $80,000, this pullback could present a potential entry opportunity. (The Block)