On November 28, BTC's valuation indicators suggested that the Bull Market is far from over and could set the stage for further gains. With no signs of overvaluation typically seen at price peaks, analysts expect the current potential target for this cycle to be $146,000. Research firm CryptoQuant noted in a Nov. 27 report that the value of new BTCholderHoldings is still lagging behind the levels of the previous cycle. Currently, new investors account for just over 50% of Holdings, compared to more than 90% and 80% at previous market highs, such as 2017 and 2021, respectively. This may be due to the slowdown in retail investor's BTC buying activity in recent weeks. According to the analysis, an increase in retail investor activity is usually "a typical scenario when a market cycle peaks". Since October, retail investors have reduced their holdings by 41,000 BTC, while large investors have significantly increased their holdings by 130,000 BTC. "The previous Bull Market cycle ended when retail investors were actively buying, but that 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.