According to Deep Tide TechFlow news on November 28, as reported by Cointelegraph, Bitcoin's valuation indicators suggest that the bull market is far from over and may lay the groundwork for further increases. Analysts expect the current potential target for this cycle to be $146,000, as there are no signs of overvaluation typically seen at price peaks.
Research company CryptoQuant noted in a report on November 27 that the value of new Bitcoin holders' positions is still lagging behind the levels of the previous cycle. Currently, new investors' positions account for just over 50%, whereas during previous market peaks, such as in 2017 and 2021, this percentage exceeded 90% and 80%, respectively.
This may be due to a slowdown in retail buying activity for Bitcoin in recent weeks. Analysis shows that an increase in retail activity is typically a sign that "the market cycle is peaking." Since October, retail investors have reduced their holdings by 41,000 BTC, while large investors have significantly increased their holdings by 130,000 BTC.
The report states, "The previous bull market cycle ended when retail investors were actively buying, but that is not the case now." This shift indicates that market dynamics may be changing, with institutions and large participants driving the accumulation phase.
