Analysts predict Bitcoin whale demand surge, cautioning that the price surge may not occur immediately.

Crypto analysts have reported that large Bitcoin holders are increasing their holdings of the cryptocurrency, anticipating that its price will not reach new highs for several weeks. According to Rekt Capital, a pseudonymous crypto trader, while Bitcoin is expected to spend more time hovering above the lower boundary of its price range, its trajectory will ultimately move upward to revisit the range high. Rekt Capital also noted that the daily downtrend of the Bitcoin price, which has been declining on a day-to-day basis, has now been broken, with the price closing at $65,854 on May 15, a 6.9% increase from the previous day’s close. Rekt Capital stated that Bitcoin has rebounded from the lower point of the reaccumulation range, but surpassing its all-time high of $73,797 from March 14 may still take several weeks. Despite this, traders are optimistic about a major price spike if the current pattern continues. CryptoQuant, a crypto analysis firm, also observed that Bitcoin whale demand is in “acceleration mode” once again after a two-month downtrend. However, CryptoQuant emphasized that demand would need to further accelerate in order to sustain the ongoing price rally. At the moment, Bitcoin is trading around its opening price of $65,863. The firm also highlighted the low Bitcoin balances on over-the-counter trading desks, indicating strong demand that exceeds the available supply. It should be noted that this article does not provide investment advice or recommendations, and readers are advised to conduct their own research before making any decisions.