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.
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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.
Source: CoinTelegraph
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