Odaily Planet Daily News Bitcoin's valuation indicators suggest that the bull market is far from over and may lay the groundwork for further increases. As there are no signs of overvaluation typically seen during price peaks, analysts expect the current potential target for this cycle to be $146,000. Research firm CryptoQuant noted in a report on November 27 that new Bitcoin holders' positions are still lagging behind the levels of the previous cycle. Currently, the share of new investors' holdings is slightly above 50%, while in 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 purchases of Bitcoin in recent weeks. According to analysis, increased retail activity is usually a typical indication of a market cycle peak. 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, "Previous bull market cycles ended when retail investors were actively buying, but this is not the case now." This shift indicates that market dynamics may be changing, with institutions and large participants driving the accumulation phase. (Cointelegraph)

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