Bitcoin Poised for $100K Breakthrough, Pullback Won’t Halt Progress, CryptoQuant Sees Room for More Growth.

Crypto analytics firm CryptoQuant has suggested that Bitcoin’s (BTC) recent pullback from the $100,000 level is just a temporary setback, with the cryptocurrency poised to surge even higher. According to a report shared with CoinDesk, Bitcoin still has significant potential for growth before reaching its peak, with the possibility of hitting at least $147,000 if it follows the patterns seen in previous bull markets.

The firm’s custom Profit & Loss (P&L) index, which combines on-chain data to evaluate Bitcoin’s valuation, indicates that the cryptocurrency is firmly in a bull market but has not yet reached the overvalued levels seen at previous market tops in 2021, 2017, and 2013. Additionally, CryptoQuant’s Bull-Bear Market Cycle Indicator suggests that Bitcoin is far from overheating, with the metric only beginning to show signs of a bullish trend after a correction earlier this year.

One key factor supporting this bullish outlook is the subdued retail investor participation compared to previous cycles. Data from CryptoQuant shows that retail investors have been selling Bitcoin since October, with 41,000 BTC being sold, while large investors have increased their holdings by 130,000 BTC during the same period. This lack of retail FOMO, typically a precursor to market tops, suggests that the current rally could still have room to run.

Furthermore, new investor activity remains muted, with the value of Bitcoin held by addresses that have owned the asset for less than six months standing at just 50% of the total value of Bitcoin invested. This contrasts with the 80%-90% seen in previous bull markets, which often coincided with price tops.

CryptoQuant also highlighted Bitcoin’s realized price, which is currently in the $36,000-$37,000 range. The realized price metric, which tracks the average price at which all Bitcoin in circulation has last moved, suggests that Bitcoin could rally to $147,000 before hitting its market cycle peak. If history repeats itself, Bitcoin’s price could continue to rise, pushing past the $100,000 threshold before reaching this upper target.

In line with CryptoQuant’s analysis, other firms have expressed a bullish outlook for Bitcoin. Galaxy Research recently projected that Bitcoin could hit $100,000 in the near term and potentially go even higher, driven by increasing institutional adoption and the prospect of Bitcoin being integrated into nation-state reserves.

Despite the current price correction, the overall sentiment remains optimistic, with analysts suggesting that Bitcoin’s journey toward the $100,000 mark and beyond is far from over.