Recent Bitcoin price surge to $99K has thrilled the crypto community while the on-chain statistics suggest further room for growth. As per CryptoQuant, Bitcoin’s current bull run has not yet reached its peak and targets $146K in line with the realized price assessment.  The on-chain analytics platform shared the current market scenario in its latest weekly report.

Bitcoin Hits $99k Raising Anticipated Price Target to $146K

CryptoQuant pointed out that, by reaching the milestone of $99k, Bitcoin has grasped the attention of the market onlookers. Analysts anticipate that Bitcoin has yet to touch its bull market peak. Irrespective of a correction to the $91K mark, valuation metrics indicate that the prominent crypto asset has not become overvalued. The realized price valuation has been playing a crucial role in indicating the historical cycle peaks of Bitcoin. Based on this, the top crypto asset now targets to reach $146K. However, in the meantime, $141K is the price target based on the realized market cap.

The respective price band signified tops in the previous cycles, taking into account those in 2021. A noteworthy metric supporting the bull run narrative is the approach of the latest investors. At present, new $BTC holders possess just more than 50% of the cumulative market value. This is expressively lower than the massive 90% that occurred during the peak in 2017 and 80% of 2021’s peak. This highlights that speculative excess, especially pushed by the latest entrants, has yet to be materialized.

Retail BTC Investors Stay Low at 50%, Showing Room for More Progress Based on Historical Data

In addition to this, another key indicator is the activity of the retail investors, often signaling market tops. Currently, this indicator is staying subdued. The $BTC holdings of the retail investors have been decreasing since October, reaching 41K BTC. Contrarily, the Bitcoin holdings of institutional investors have been on the rise.

According to CryptoQuant, institutional Bitcoin investors have added up to 130K $BTC tokens to their holdings. This points toward the confidence among the big $BTC players in the future growth of the top crypto. Historically, retail investors enthusiastically buy at the end of the bull markets but this condition has not yet been seen. Hence, Bitcoin reportedly has room for more price appreciation, targeting $146K. Meanwhile, Bitcoin’s price target is $141,000 in line with the realized market capitalization.