Odaily News Bitcoin’s valuation metrics suggest that the bull run is far from over and could set the stage for further gains. With no signs of overvaluation, which is usually seen at price peaks, analysts see a potential current target of $146,000 for this cycle. Research firm CryptoQuant noted in a report on Nov. 27 that the value of new Bitcoin holders’ positions still lags behind the levels of the previous cycle. Currently, new investors account for just over 50% of positions, compared to over 90% and 80% at previous market highs, such as in 2017 and 2021. This could be due to a slowdown in retail Bitcoin buying activity in recent weeks. According to the analysis, increased retail activity is usually “typical of market cycle tops.” Since October, retail investors have reduced their holdings by 41,000 BTC, while large investors have significantly increased their holdings by 130,000 BTC. “Previous bull cycles ended when retail investors actively bought, but this is not the case now,” the report said. This shift suggests a possible shift in market dynamics, with institutions and large players driving the accumulation phase. (Cointelegraph)