The call for Bitcoin’s price to hit $100,000 faded last week, especially after the main cryptocurrency fell below $93,000 over the past seven days. Fortunately, BTC recovered somewhat from the crisis, reaching as much as $98,500 on Friday, November 29.

Following the recent drop in Bitcoin’s price, investors have been wondering whether the peak of the market cycle is near – or if there is still more room for growth. A leading on-chain analytics firm has revealed that the cryptocurrency market is still in a bullish phase.

Bitcoin is still in a bull market, but blockchain company sounds a warning

In its latest report, market intelligence platform CryptoQuant has slide out target at the top of Bitcoin’s price in the current cycle. According to the blockchain company, the market leader’s highest price is more in the six-figure valuation.

The main rationale for this projection is based on the realized price valuation metric, which measures the price at which each coin was last traded. Historically, this Bitcoin price range has often acted as an indicator of the market top in previous cycles.

According to CryptoQuant, the realized price index currently points to $146,000 as a possible high for this cycle. As shown in the chart below, the price range (red line), currently around $147,000, was the market high around April and May 2021.

Source: CryptoQuant

Moreover, the involvement of modern investors has not yet reached the extreme levels that were signaled during the last two market peaks. As of now, the value of modern Bitcoin investors is just over 50% of the total amount of money in BTC; this number pales significantly in comparison to the 90% and 80% recorded in 2017 and 2021, respectively.

CryptoQuant warned:

Bitcoin price peaks usually occur when modern investors enter the market to buy at extremely high prices, causing them to retain a enormous portion of the total value invested.

Moreover, retail trading activity has not yet reached the levels often associated with Bitcoin price peaks. Historically, bull cycles have peaked when BTC retail investors aggressively accumulated the coin. However, in the current market situation, this phenomenon is still absent.

It is worth mentioning that CryptoQuant expects the price of Bitcoin to decline in the low term. According to an on-chain intelligence firm, MicroStrategy’s stock price is becoming overheated relative to the value of the company’s Bitcoin holdings.

Bitcoin price at a glance

At the time of writing, Bitcoin is trading at around $96,500, reflecting an escalate of almost 3% in the last 24 hours. While this one-day gain helped make up for some of BTC’s losses last week, the main cryptocurrency still lost more than 2% over the period.

The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image by DALL-E, chart from TradingView