Bitcoin Price Analysis: Large Holders Accumulating More Cryptocurrency, Price Not Expected to Reach New Highs for Weeks
Bitcoin holders are gearing up for a potential price surge as large investors continue to accumulate the cryptocurrency, according to crypto analysts. Despite the current price not expected to reach new highs for weeks, experts believe that the trajectory for Bitcoin is upward.
Pseudonymous crypto trader Rekt Capital noted that Bitcoin has rebounded from the reaccumulation “range low,” indicating a strong buying interest in the cryptocurrency. The daily downtrend, which saw Bitcoin’s price declining on a day-to-day basis, has now been broken, with the price closing at $65,854 on May 15, up 6.9% from the previous day.
While surpassing the all-time high of $73,797 could still take weeks, traders remain optimistic about a potential major price spike. Crypto analysis firm CryptoQuant reported that Bitcoin whale demand is in “acceleration mode” following a two-month downtrend, signaling a positive trend for the cryptocurrency.
Despite the positive indicators, experts caution that demand would need to accelerate further to sustain the price rally. At the time of publication, Bitcoin is trading around $65,863, with low balances across over-the-counter trading desks indicating strong demand exceeding available supply.
Overall, the crypto market remains volatile, and readers are advised to conduct their own research before making any investment decisions.
