Analysts foresee potential weeks-long wait as Bitcoin whale demand intensifies

Crypto analysts have revealed that large Bitcoin holders are accumulating more of the cryptocurrency, anticipating that its price will not reach new highs for several weeks. Rekt Capital, a pseudonymous crypto trader, stated that while Bitcoin may spend some time hovering above the range low area, its trajectory will eventually be upward, leading it to revisit the range high. The daily downtrend of Bitcoin’s price, which has seen a decline on a day-to-day basis, has now been broken, with the price closing at $65,854 on May 15, a 6.9% increase from the previous day. Rekt Capital believes that surpassing the all-time high of $73,797 on March 14 could still take several weeks. However, traders are optimistic about a significant price spike if the current pattern continues. Despite rebounding from the lower point of the reaccumulation range, demand from Bitcoin whales is once again in “acceleration mode” following a two-month downtrend, according to crypto analysis firm CryptoQuant. The firm noted that Bitcoin’s demand growth seems to be stabilizing after a decelerating trend since March. However, the firm also mentioned that demand would need to accelerate further to sustain the ongoing price rally. Currently, Bitcoin is trading around $65,863, and CryptoQuant pointed out that there are low Bitcoin balances across over-the-counter (OTC) trading desks, indicating strong demand that exceeds the available supply.