Despite recent price corrections, Bitcoin’s valuation metrics still indicate a bull cycle ahead.
Bitcoin’s valuation metrics suggest the bull market is far from over and could be setting the stage for even further highs. With no signs of overvaluation typically seen at price peaks, analysts are eyeing a current potential target of $146,000 in this cycle.
In a Nov. 27 report, research firm CryptoQuant notes that the value held by new Bitcoin (BTC) holders still lags behind previous cycle levels. Holdings of new investors currently sit just above 50% of the total invested in the cryptocurrency, while in previous market tops, such as 2017 and 2021, it was at over 90% and 80%, respectively.
New investors’ holdings value is below previous bull cycles. Source: CryptoQuant
