Major investors are accumulating more Bitcoin as its price is not expected to reach new highs in the coming weeks, according to cryptocurrency analysts.

“Bitcoin will likely spend more time hovering above the bottom of the range, but overall, the trend will be bullish to revisit the high of the range over time,” anonymous crypto trader Rekt Capital said.

Rekt noted that the daily downtrend – a continuous pattern of Bitcoin price falling day by day – was “broken,” as its price closed on May 15 at $65,854, up 6.9% over the past year. with the previous day's close, according to data from CoinMarketCap.

Rekt believes that Bitcoin has recovered from the “reaccumulation range bottom” – the lower boundary of a price range where Bitcoin is being bought.

Bitcoin's daily downtrend reversed on May 15. Source: Rekt Capital

Surpassing the all-time high of $73,797 on March 14 “could still take a few weeks,” Rekt said.

However, traders are optimistic about a major rally if this pattern continues.

“This Bitcoin bull flag breakout is going to be crazy […] Mark my words,” anonymous crypto trader Mister Crypto declared in a post on X on May 15.

Despite recovering from the low point of its reaccumulation range, Bitcoin whale demand is in “acceleration mode” after a two-month downtrend, crypto analytics firm CryptoQuant said in a statement. a May 15 report.

“Bitcoin demand growth appears to be stabilizing after being in a decelerating trend since March,” the report said.

The report said the growth in Bitcoin balances of “long-term holders and the total balances of large investors appears to be in acceleration mode again.”

However, CryptoQuant believes that demand will need to accelerate further to sustain this price increase. At the time of writing, BTC is hovering around its opening price of $66,100.

Bitcoin whales are in “boost mode” again. Source: CryptoQuant

The analytics firm also pointed to low Bitcoin balances on OTC exchanges – a form of direct cryptocurrency exchange between two parties outside of official exchanges – suggesting strong demand exceeds available supply. .

Source: https://tapchibitcoin.io/nhu-cau-cua-ca-voi-bitcoin-tang-toc-nhung-viec-tang-gia-co-the-mat-shoulder-tuan-theo-nha-phan- tich.html