Bitcoin's November rally to a record high of $99,800, followed by a fall to $92,000, has left market participants questioning whether the bull market is peaking. Research from Cryptoquant shows that on-chain indicators are signaling potential for further gains, possibly above $100,000.
According to analysts at Cryptoquant, current Bitcoin figures show that kriptovalyuta has not yet reached the overvaluation levels typical of bull market peaks. A key metric, the realized valuation of bitcoin, sets a price target of $146,000 as a potential upper limit in this cycle.
Additionally, Cryptoquant highlighted the role of new retail investors in determining market tops. Currently, new Bitcoin holders account for just over 50% of total capital invested in the cryptocurrency, significantly lower than levels seen at previous peaks (90% in 2017 and 80% in 2021). Retail investor behavior, another traditional marker of overheated markets, has reflected a decline in assets since October, with a net loss of 41,000 BTC.
Larger investors, on the other hand, have added 130,000 BTC to their portfolios over the same period. The Bull-Bear Market Cycle indicator, another key metric tracked by Cryptoquant, remains firmly in the bullish phase. Despite the growing bullish trend, the indicator is far from the overheated zone that historically precedes market corrections.
Cryptoquant data
And while the report acknowledges short-term volatility, the general consensus among Cryptoquant analysts is that the Bitcoin market remains strong. The lack of speculative excitement and active accumulation by large holders support this conclusion.
