Bitcoin Whales Multiply Holdings Despite Slower Growth Predictions
Summary:
Cryptocurrency analysts note that large Bitcoin holders are amassing more despite slower price growth predictions. Rekt Capital, a crypto trader, predicts a gradual upward trajectory for Bitcoin despite daily downtrends. The trader also points out the rebound of Bitcoin from the reaccumulation range low, though surpassing the $73,797 all-time high could take weeks. CryptoQuant's report suggests the demand for Bitcoin is stabilizing after a decreasing trend since March and indicates a rising demand that outpaces the supply across over-the-counter trading platforms.
The analysts in the cryptocurrency sector believe that the owners of substantial Bitcoin (BTC) stakes are acquiring more of the digital currency, despite predictions suggesting that its value won't see any significant increase in the coming weeks. Rekt Capital, a widely recognized crypto trader, communicated to Cointelegraph that Bitcoin's rate would likely continue to fluctuate within a certain limit, but over time it would progressively move upwards.
Rekt also observed that the continuing pattern of Bitcoin's daily value decrease has ceased, with its closing price on May 15 being $65,854, marking a 6.9% increase from the previous day's close, as per the data from CoinMarketCap. He further mentioned that Bitcoin has managed to bounce back from the lower limits of the reaccumulation range, where it's actively acquired.
Although Rekt feels that surpassing the record value of $73,797 set on March 14 might take a few more weeks, other traders are hopeful about seeing a major increase in price if the current trend persists. To illustrate, on May 15, an anonymous trader known as Mister Crypto stated the imminent escalation of Bitcoin's value would be astonishing, in response to a forum post.
Despite this, Bitcoin's value currently hovers around $65,863. After recovering from the lower limit of the reaccumulation range, the demand for Bitcoin from large-scale owners, also known as 'Bitcoin whales', seems to be on the rise again. The crypto analysis organization, CryptoQuant, in its report dated May 15th, stated that the demand for Bitcoin showed signs of stabilization, following an ongoing decrease since March.
The report also observed that an increasing balance of Bitcoin with 'permanent holders' and large-scale investors suggests a renewed growth period. Nevertheless, CryptoQuant maintains that a sustained acceleration in demand is necessary for a long-term rally in Bitcoin prices. At the time this news was reported, Bitcoin's value remained fairly stable around the opening price of $65,863.
Additionally, CryptoQuant highlighted a noticeable low balance of Bitcoin across over-the-counter (OTC) trading platforms, indicating a high demand that surpasses the available supply. However, it should be noted that this article does not offer any investment advice or recommendations, and readers are advised to conduct their own research before taking any decisions, considering all investments and trading involve risk.
Published At
5/16/2024 9:10:24 AM
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