Report: The bull market is far from over, Bitcoin is expected to rise to $146,000 in this cycle

Odaily Planet Daily Report: The valuation indicators of Bitcoin suggest that the bull market is far from over and may lay the foundation for further upside. Analysts predict that the current potential target for this cycle is $146,000, as there are no signs of overvaluation typically seen at price peaks. According to a report by research firm CryptoQuant on November 27, the value of holdings by new Bitcoin holders is still lagging behind the previous cycle. Currently, the share of holdings by new investors is slightly above 50%, while in previous market peaks, such as 2017 and 2021, this ratio exceeded 90% and 80% respectively. This may be due to a slowdown in retail buying of Bitcoin in recent weeks. The analysis suggests that an increase in retail activity is a "typical sign of the market cycle reaching its 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 that "previous bull market cycles ended when retail investors were actively buying, but the current situation is not the same." This shift indicates that the market dynamics may be changing, with institutions and large participants driving the accumulation phase. (Cointelegraph)