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Writer's picturemeowdini

Bitcoin: Whales Accumulate, But Price Jump May Take Time

Bitcoin (BTC) is giving bulls a reason to cheer! The daily downtrend appears broken, and large investors (whales) are accumulating more BTC. However, analysts caution that a significant price jump might take weeks.



Whales Accumulate, But Patience Needed

  • Bitcoin price closed at $65,854 on May 15th, a 6.9% increase, signaling a potential trend reversal.

  • Pseudonymous analyst Rekt Capital believes Bitcoin will revisit its range highs eventually but may spend time hovering around current levels.

  • Reaching the all-time high of $73,797 could still be weeks away, according to Rekt Capital.

Bullish Sentiment Emerges

  • Despite the wait, some traders are optimistic about a major price surge. Pseudonymous trader Mister Crypto predicts a "crazy" breakout based on current technical indicators.

Whale Demand on the Rise

  • CryptoQuant, a crypto analysis firm, reports a resurgence in "whale demand" after a two-month slowdown.

  • The firm notes an increase in holdings by both "permanent holders" and "large investors."



Is the Demand Sustainable?

  • While the recent accumulation is positive, CryptoQuant suggests further acceleration is needed for a sustained price rally.

  • Low Bitcoin balances on OTC desks indicate strong demand exceeding supply, potentially a bullish sign.


The Takeaway

Bitcoin's rebound and renewed whale activity are encouraging for bulls. However, patience might be key, as analysts predict a potential delay before a significant price increase.



Disclaimer: This article is for informational purposes only and should not be considered financial advice. Please consult with a qualified financial professional before making any investment decisions.


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