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Bitcoin's valuation indicators suggest the bull market is far from over, with analysts forecasting a potential cycle target of $146,000. A CryptoQuant report notes that new Bitcoin holders currently account for just over 50% of holdings, compared to over 90% and 80% during market peaks in 2017 and 2021. This lower participation is attributed to a recent slowdown in retail purchasing activity.

Since October, retail investors have sold off 41,000 BTC, while large investors have increased their holdings by 130,000 BTC. Unlike previous bull market cycles, which peaked with high retail buying activity, the current market is being driven by institutions and large participants, signaling a shift in market dynamics.