TechFlow news, on November 28, according to Cointelegraph, Bitcoin valuation metrics suggest the bull market is far from over and may lay the foundation for further gains. With no signs of overvaluation typically seen at price peaks, analysts expect the current cycle's potential target to be $146,000.
Research firm CryptoQuant noted in a report on November 27 that the holding value of new Bitcoin holders still lags behind levels seen in the previous cycle. Currently, holdings by new investors account for slightly more than 50%, whereas during prior market highs in 2017 and 2021, the figures exceeded 90% and 80% respectively.
This could be due to a recent slowdown in retail Bitcoin buying activity over the past few weeks. According to analysis, increased retail participation is usually "a typical sign of market cycle topping." Since October, retail investors have reduced their BTC holdings by 41,000 BTC, while large investors have significantly accumulated 130,000 BTC.
"Previous bull cycles ended when retail investors were actively buying, but that’s not the case now," the report stated. This shift suggests a change in market dynamics, with institutions and major players driving the accumulation phase.
