BlockBeats reports that on November 28, Bitcoin's valuation indicators suggest that the bull market is far from over and may lay the groundwork for further increases. Due to the absence of signs of overvaluation that typically occur at price peaks, analysts anticipate the current potential target for this cycle to be $146,000. Research firm CryptoQuant noted in a report on November 27 that the value of new Bitcoin holders' positions still lags behind levels from the previous cycle.
Currently, the proportion of positions held by new investors is slightly above 50%, whereas at previous market peaks, such as in 2017 and 2021, this ratio exceeded 90% and 80%, respectively. This may be due to a slowdown in retail buying activity in Bitcoin in recent weeks.
According to the analysis, increased retail activity is typically 'a sign that the market cycle is peaking.' Since October, retail investors have sold 41,000 BTC, while large investors have significantly increased their holdings by 130,000 BTC.
The report states, 'Previous bull market cycles 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 players driving the accumulation phase.
