Bitcoin's bull market might be just warming up, with analysts eyeing a potential target of $146,000. A recent CryptoQuant report highlights that new Bitcoin holders' investments are below previous cycle peaks, indicating room for growth. Retail activity has slowed, with retail investors reducing their holdings by 41,000 BTC since October, while larger investors have added 130,000 BTC. Institutional players are driving the market, with ETFs seeing record inflows. Despite a recent dip to $91,000, Bitcoin remains in a bull phase, with no signs of overvaluation yet.