The post Bitcoin Bull Market Resilience: Analysts Predict Potential Target of $146,000 Amid Shifting Investor Dynamics appeared on BitcoinEthereumNews.com.

The latest insights from COINOTAG News, dated November 28th, reveal that the valuation metrics for Bitcoin suggest the ongoing bull market is likely to persist, paving the way for potential growth. Analysts indicate that the absence of typical overvaluation signals, often observed during price peaks, positions the current target for this cycle at approximately $146,000. According to a report by the research firm CryptoQuant, dated November 27th, the proportion of Bitcoin held by new investors remains below prior cycles. Currently, new holders possess just over 50% of Bitcoin, compared to exceeding 90% and 80% during the peaks of 2017 and 2021 respectively. This disparity may stem from a recent decline in retail Bitcoin purchasing activities. Notably, since October, retail participants have liquidated 41,000 BTC, while substantial investors have ramped up their holdings by 130,000 BTC. The report emphasizes that previous bull markets witnessed high retail buying activity, highlighting a significant shift in current market dynamics driven by institutional purchases. Source: https://en.coinotag.com/breakingnews/bitcoin-bull-market-resilience-analysts-predict-potential-target-of-146000-amid-shifting-investor-dynamics/

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Filed under: News - @ November 28, 2024 3:20 am