Bitcoin bites $97,000! CryptoQuant: Breaking through 100,000 mg is only a matter of time

Bitcoin reached a new all-time high of $99,588 on November 23, but then experienced a correction, dropping to as low as $90,800 on November 27. However, at the time of writing, Bitcoin has rebounded, trading at $97,335, up 2.48% in the last 24 hours, and showing momentum to retest the $100,000 target. CryptoQuant: Bitcoin Has More Room to Grow Regarding the recent volatility in Bitcoin, the crypto analytics firm CryptoQuant recently released a report stating that the recent pullback is just a temporary setback on Bitcoin's path to overcome the $100,000 milestone, and BTC will ultimately break through $100,000 and rise to even higher prices. First, according to CryptoQuant's Profit & Loss (P&L) Index, Bitcoin is currently in a bull market, but is still far from the overbought levels of previous bull markets, indicating that the market is not overheated or over-bought. Secondly, retail investor participation is still relatively low. CryptoQuant's data shows that since October, retail investors have likely sold 41,000 BTC due to profit-taking, while institutions or whales have continued to accumulate 130,000 BTC during this period. Lastly, the proportion of new entrants is still relatively low. CryptoQuant states that investors holding Bitcoin for less than six months only account for 50% of the market, far lower than the 80-90% levels seen during the 2017 and 2021 bull markets. CryptoQuant wrote in the report that "price tops typically occur when new investors flood in and buy at extremely high price levels, causing them to make up a large portion of the total investment value." Bitcoin to Reach $147,000 As for Bitcoin's peak valuation in this bull cycle, CryptoQuant analysts point out that Bitcoin will at least reach a target of $147,000: "Based on previous bull market models, Bitcoin has almost always topped out at around four times its realized price, which is the average price of all the circulating Bitcoin the last time it changed hands. Currently, Bitcoin's realized price is around $36,000 to $37,000, which would put that top at around $147,000."