Crypto analysts have observed significant accumulation of Bitcoin by large holders as the cryptocurrency’s prices stabilize without reaching new highs for several weeks. Rekt Capital, a prominent investor, noted that Bitcoin may continue to hover around the lower range, although its long-term trend remains positive, indicating a potential revisit to higher price levels over time.
What Are the Key Insights from Experts?
Rekt Capital highlighted recent data from CoinMarketCap, showing that Bitcoin’s ongoing daily downtrend has been broken. On May 15, Bitcoin’s price surged to $65,854, marking a 6.9% increase from the previous day’s closing price. Rekt further explained that Bitcoin has rebounded from the lower range of the accumulation zone, although reaching its all-time high of $73,797 could still take weeks. Nevertheless, investors are optimistic about significant price gains if the upward trend continues.
Another notable opinion came from popular crypto investor Mister Crypto, who remarked, “Breaking this Bitcoin bull flag will be crazy. Mark my words,” underscoring the heightened anticipation among the crypto community.
What Does the Latest Report from CryptoQuant Reveal?
A report from CryptoQuant, a crypto analysis firm, stated on May 15 that Bitcoin whale demand is resurging after a two-month downtrend, even as the cryptocurrency recovers from the lower end of the accumulation range. The firm noted that Bitcoin’s demand appears to be stabilizing following a slowdown since March, with long-term holders’ balances and large investors’ total holdings accelerating once again.
However, CryptoQuant emphasized the need for further acceleration in demand to sustain the price increase. As of the report’s publication, Bitcoin was trading near its opening price of $65,863. Additionally, the firm pointed out low Bitcoin balances on over-the-counter trading desks, suggesting strong demand surpassing current supply.
User-Usable Inferences
– Large Bitcoin holders are actively accumulating more Bitcoin.
– Breaking the current bull flag pattern could lead to substantial price increases.
– The demand from Bitcoin whales is on the rise, indicating potential for price growth.
– Current trading levels suggest strong demand relative to supply.
In conclusion, the recent accumulation trends among large Bitcoin holders and the resurgence in demand from Bitcoin whales signal potential positive price movements ahead. However, sustained demand growth is crucial for maintaining these upward trends.