Despite some slow down of BTC by the end of November, experts from the analytical platform CryptoQuant are convinced: the bullish rally is not over yet. They have several arguments for this:

First, new investors currently hold just over 50% of the total investments in cryptocurrency. During the previous bullish cycles of 2017 and 2021, this figure was 90% and 80% respectively. This situation is explained by the low activity of retail investors. Since October, they have reduced their holdings by 41,000 BTC, while large capital has increased its assets by 130,000 BTC. CryptoQuant notes that previous bullish cycles ended when retail investors aggressively bought, which is not observed now.

Second, the Bull-Bear Market Cycle Indicator (CryptoQuant Bitcoin Bull-Bear Market Cycle Indicator) has been in bullish territory since early November and is far from overheating.

Third, the P&L index, which is a result of metrics like MVRV, has not reached the overbought zone.

From a technical analysis perspective, Bitcoin continues to remain in an upward trend. The price is still well above the 50-day moving average.