Bitcoin’s recent pullback from the $100,000 mark is just a brief pause in its larger upward trajectory, according to crypto analytics firm CryptoQuant. In a recent report shared with CoinDesk, the firm argued that Bitcoin still has plenty of room to grow before reaching its peak, potentially hitting as high as $147,000 if the current cycle follows historical patterns.

CryptoQuant’s custom Profit & Loss (P&L) index, which combines various on-chain metrics to assess Bitcoin’s valuation, suggests that while Bitcoin is in a strong bull market, it has not yet reached the overbought levels seen during previous market cycles in 2021, 2017, and 2013. The firm’s Bull-Bear Market Cycle Indicator also indicates that Bitcoin is still in the early stages of a bullish phase, with no signs of the market overheating yet.

One key observation supporting this bullish outlook is the relatively low participation from retail investors compared to previous bull markets. According to CryptoQuant data, retail investors have been selling Bitcoin in recent months, with 41,000 BTC sold since October. Meanwhile, large investors have been increasing their positions, adding 130,000 BTC during the same period. This lack of retail-driven buying pressure is seen as a positive sign, as price peaks are often marked by a rush of retail investors buying at inflated prices.

In addition, the amount of Bitcoin held by new investors—those who have held the asset for less than six months—currently accounts for just 50% of the total market value, much lower than the 80%-90% seen during previous bull runs. CryptoQuant pointed out that previous market tops occurred when new investors had accumulated a large portion of the total invested value, signaling excessive enthusiasm and a potential reversal.

The report also noted that Bitcoin’s realized price, which represents the average price at which Bitcoin was last moved, is currently in the range of $36,000-$37,000. Historically, market tops have coincided with Bitcoin’s price reaching four times its realized price. If this pattern holds, Bitcoin could reach $147,000 before the cycle peaks.

Other industry players share a similar bullish outlook for Bitcoin. Recently, Galaxy Research predicted that Bitcoin will surpass $100,000 in the near term, driven by growing institutional adoption and the possibility of Bitcoin being used as a reserve asset by nation-states.

While Bitcoin’s recent dip has caused some concern among short-term traders, analysts are confident that the cryptocurrency’s long-term bull run is far from over, and it remains on track to reach new record highs.