Large Bitcoin holders are accumulating more of the cryptocurrency as its price is not expected to reach new highs for weeks, say crypto analysts.
“Bitcoin will likely spend some additional time hovering above the range low area, but generally, the trajectory will be upward to revisit the range high over time,” pseudonymous crypto trader Rekt Capital told Cointelegraph.
Rekt noted that the daily downtrend — an ongoing pattern of the Bitcoin (BTC) price declining on a day-to-day basis — has now “broke,” as its price closed May 15 at $65,854, up 6.9% from the previous day’s close, according to CoinMarketCap data.
Bitcoin’s daily downtrend was reversed on May 15. Source: Rekt Capital
Rekt claimed Bitcoin has rebounded from the reaccumulation “range low” — the lower boundary of a price range where Bitcoin is being purchased.
Surpassing its $73,797 March 14 all-time high “could still take weeks,” Rekt said.
However, traders are optimistic about a major price spike if the pattern continues.
“This Bitcoin bull flag breakout will be crazy […] Mark my words,” pseudonymous crypto trader Mister Crypto declared in a May 15 X post.
Bitcoin is currently trading at $65,863. Source: CoinMarketCap
Despite rebounding from the lower point of the reaccumulation range, Bitcoin whale demand is again in “acceleration mode” following a two-month downtrend, crypto analysis firm CryptoQuant said in a May 15 report.
“Bitcoin demand growth seems to be stabilizing after being in a decelerating trend since March,” it said.
Related: Bitcoin price taps $64.7K as US CPI shows core inflation at 3-year low
The report said the growth in the Bitcoin balance of “permanent holders and in the total balance of large investors seems to be in acceleration mode again.”
Bitcoin whales are in “acceleration mode” again. Source: CryptoQuant
However, CryptoQuant claimed that demand would need to accelerate further to sustain this price rally. At the time of publication, Bitcoin is hovering around its opening price of $65,863.
The crypto analysis firm also pointed to low Bitcoin balances across over-the-counter (OTC)…
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