CryptoQuant analysts expect further BTC bull run after the current correction. And they call the target of $146,000 achievable:

"This range has acted as a top for quotes in previous bull markets. The P&L has not yet reached overbought levels in this bull run. This suggests room for further gains."

Arguments that the current price is not yet the peak of the cycle - on-chain data from#CryptoQuantfrom their new report.

The conclusions regarding continued growth, if summed up, are based on two important points:

1. Retail is not yet in euphoria and uncompromising purchases. Since October of this year, retail investors have reduced their reserves by 41,000 BTC, while whales have increased them, by 130,000 BTC. And the end of a bull run is when retail investors, on the contrary, buy very aggressively, believing in eternal growth. This is not the case now. In relation to this - data from #Santiment, according to which only during the last correction of#BTCfrom $99,000 to almost $90,000#whalesbought more than 10,000 BTC.

2. The "new blood" of retail has not yet shown itself sufficiently. Currently, the share of "new investors" coins is about 50% of the total supply. At the peaks of the cycles in 2017 and 2021, this was more than 90% and 80%, respectively.

According to experts, there is a lack of “typical conditions for market cycle extremes.”

At the same time, CryptoQuant notes a possible change in the nature of the accumulation phase, in which institutional and large players have begun to play a key role. In particular, from November 18 to 22, inflows into spot Bitcoin ETFs reached a record $3.1 billion, which occurred against the backdrop of#BTCapproaching $100,000.

At the same time, the Bitcoin Bull-Bear Market Cycle Indicator chart from CryptoQuant shows that BTC is in the “Bull” phase, but is still far from the “Overheated Bull” state. This suggests that the market still has room to grow. Unlike March 2024, when BTC reached an ATH above $73,000.

Corrections are an integral part of a bull market. Historical data from the Bitcoin Bull Market Correction Drawdowns indicator shows previous drawdowns:

- Bull market 2017: -22%,

- Bull market 2021: -10% and -30%,

- Bull market 2024: -15% and -20%.

Net trading volume (24HMA) is below -$30 million. According to the Net Taker Volume indicator. This indicator reflects the difference between the taker's purchase and sale. At this level, buyers and sellers are approaching peak selling pressure, which creates opportunities for potential price growth.

In short, possible corrections are worth considering, and past cycles confirm this. But such movements are more likely to be opportunities for purchases than for opening short positions.

The P&L index remains within the growth zone and shows that it is generally far from being overvalued. This confirms the stability of the current upward trend. It creates good conditions for medium- and long-term positions.

INFOGRAPHICS AND COMMENTS FROM CRYPTOQUANT: