Despite recent price adjustments, the valuation indicators of BTC still indicate that there will be a Bull Market cycle in the future.

The valuation indicators of BTC indicate that the Bull Market is far from over, which may lay the foundation for further pump. As there is no sign of overvaluation usually seen at price peaks, analysts currently expect the potential target price for this cycle to be $146,000.
Research firm CryptoQuant pointed out in a report on November 27th that the number of new BTC holders still lags behind the level of the previous cycle. Currently, the holdings of new investors account for only over 50% of the total Cryptocurrency investment, whereas in previous market peaks (such as 2017 and 2021), this proportion exceeded 90% and 80% respectively.
These levels may be due to a slowdown in BTC buying activity by retail investors in recent weeks. According to the analysis, an increase in retail investor activity is typically a "typical situation of the market cycle topping." Since October, retail investors have reduced their holdings of 41,000 BTC, while large investors have significantly increased their holdings, adding 130,000 BTC.