Bitcoin bites $97,000! CryptoQuant: Breaking $100,000 is just a "matter of time", this round looks up to $147,000
Regarding the recent fluctuations in Bitcoin, cryptocurrency analysis company CryptoQuant released a report earlier stating that the recent pullback is merely a brief setback on Bitcoin's way to breaking the $100,000 barrier, and BTC will ultimately break $100,000 and rise to higher prices.
First, according to CryptoQuant's Profit and Loss Index (P&L Index), it shows that while Bitcoin is certainly in a bull market, it is still far from the overvaluation levels seen in previous bull markets, and the market is not overheated or overbought.
Secondly, retail investors' market participation is still relatively low. According to CryptoQuant's statistics, since October, retail investors may have sold 41,000 BTC due to profit-taking behavior, but institutions or whales continued to accumulate 130,000 BTC during this period.
Finally, the proportion of new investors entering the market is still low. CryptoQuant noted that investors holding Bitcoin for less than six months only account for 50% of the market, a ratio far lower than the 80% to 90% levels during the bull markets of 2017 and 2021.
As for Bitcoin's peak valuation in this bull market, CryptoQuant analysts pointed out that Bitcoin will reach a target of at least $147,000.
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