Crypto analysts say that large Bitcoin holders are accumulating more cryptocurrency since Bitcoin prices are not expected to reach new highs for weeks. Crypto investor Rekt Capital explained that Bitcoin might spend more time hovering above the lower range, but the overall trajectory is upward to revisit the high range over time.
Important Statements on Bitcoin from a Famous Name
Rekt noted that according to CoinMarketCap data, Bitcoin’s daily downtrend, a continuous decline pattern, has now broken, and its price closed at $65,854 on May 15, a 6.9% increase from the previous day’s close.
Rekt claimed that Bitcoin has bounced back from the lower range of the accumulation zone. Rekt mentioned that surpassing the all-time high of $73,797 on March 14 could still take weeks. However, investors are optimistic about a significant price increase if this trend continues. Popular crypto investor Mister Crypto shared the following on May 15:
“Breaking this Bitcoin bull flag will be crazy. Mark my words.”
Important Report on Bitcoin from a Famous Company
Crypto analysis firm CryptoQuant stated in a report on May 15 that despite recovering from the lower point of the accumulation range, Bitcoin whale demand is accelerating again after a two-month downtrend. They explained this with the following words:
“The growth in Bitcoin demand seems to be stabilizing after a slowdown trend since March. The growth in the balance of long-term holders and the total balance of large investors seems to be in acceleration mode again.”
However, CryptoQuant argued that demand needs to accelerate further to make this price increase sustainable. At the time of publication, Bitcoin was trading around the opening price of $65,863. The crypto analysis firm also pointed to low Bitcoin balances on over-the-counter (OTC) trading desks (direct crypto transactions between two parties outside established exchanges), signaling strong demand exceeding current supply.
