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Bitcoin’s bull market shows resilience with no signs of overvaluation, according to analysts eyeing a potential $146,000 peak. Institutional demand drives the trend, while retail activity remains subdued.
Bitcoin Bull Market Signals Upside Potential
According to Bitcoin's value criteria, the bull market may not have ended yet and may be paving the way for even higher prices. Analysts are keeping an eye on a potential objective of $146,000 for this cycle, as there are no indicators of overvaluation that are usually seen at price peaks.
According to a report by research firm CryptoQuant (via Cointelegraph) published on November 27th, the value of newly acquired Bitcoin is still lower than the levels seen in earlier cycles. During prior market peaks, including 2017 and 2021, it was over 90% and 80%, respectively, but now it's slightly over 50% due to new investors' holdings.
Retail Bitcoin purchases have been quiet over the past few weeks, which would explain why prices are at these levels. A "typical condition of market cycle tops," the study claims, is increased spending at retail establishments. Large investors' holdings have grown substantially, adding 130,000 BTC, while regular investors' holdings have decreased by 41,000 BTC since October.
Institutional Demand Drives Bitcoin Surge
Institutional and large-scale firms are driving the accumulation phase, suggesting a potential shift in market dynamics. Coincident with the cryptocurrency's all-time high price of $99,655.50 on November 22nd, investors in exchange-traded funds (ETFs) drove weekly inflows to a record $3.1 billion.
On November 26th, the price of Bitcoin fell to approximately $91,000, failing to surpass the $100,000 barrier. Before the Bitcoin reaches the six-figure mark, some analysts predict a 30% drop.
Starting in early November, CryptoQuant's bull-bear market cycle indicator has been climbing, indicating a bullish market. When Bitcoin hit a new high of over $70,000 in March 2024, it was part of an overheated bull period, but the indicator has yet to catch up to that point.
Analysts Target $146,000 Bitcoin Price
As of right now, the highest realized price target for Bitcoin is $146,000. "This price band has acted as a top for the price of Bitcoin in previous cycles, such as in April-May 2021," the study says. “The P&L Index has not reached overvalued levels so far this cycle, which indicates the price would still have room to increase.”
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