Bitcoin’s (BTC) pullback from the $100,000 level after continuously hitting fresh new highs is only a temporary setback before eventually shooting past the barrier to even higher prices, crypto analytics firm CryptoQuant said.

According to a Wednesday report shared with CoinDesk, multiple blockchain data metrics suggest that the largest crypto has more room to run before topping.

CryptoQuant’s custom P&L index, which combines several on-chain valuation metrics to signal whether BTC is overvalued or undervalued, shows that the asset is firmly in a bull market but far from the overvalued levels it reached at the previous market peaks in 2021, 2017 and 2013.

The firm’s Bull-Bear Market Cycle Indicator has only started to heat up after dipping slightly into bear market territory earlier this year as BTC corrected from March’s record $73,000 to $50,000. The metric is nowhere near the overheated levels seen at local tops at this March or other local tops.

Meanwhile, participation of retail investors is still muted, contrary to the typical buying frenzy observed around previous cycle tops. Per CryptoQ

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Author: Krisztian Sandor