Bitcoin Whales Hit the Gas, But It Needs Some Time for the Rise!

While the return of whales gives Bitcoin (BTC) hope for a new peak, it is thought that this may take some time.

On-chain data revealed that the whales, which retreated to deep waters, especially after the Bitcoin halving, became active again. This increase in whale activity was interpreted as a positive indicator for Bitcoin and cryptocurrencies.

Speaking to Cointelegraph about the issue, analyst Rekt Capital stated that the whale effect could only make itself felt after weeks, but still implied that the upward move and the new peak were inevitable:

Bitcoin will likely spend some more time hovering above the lower range. But overall the trajectory will be upward to revisit the high range over time.

The positive CPI data announced by the US Federal Reserve (FED) on May 15 had a positive impact on Bitcoin and altcoin prices. According to CoinGecko data, Bitcoin, which has increased by 7% in the last 24 hours, is traded at $66,190 at the time of writing.