Cryptocurrencies

Cryptocurrency analysts say major Bitcoin holders are hoarding more 2024

Cryptocurrency analysts say major Bitcoin holders are hoarding more 2024 analysts say large bitcoin holders are hoarding the cryptocurrency more as its price is not expected to hit new highs for weeks.

“Bitcoin will likely spend some additional time hovering above the lower range area, but overall the trajectory will be upward to review the higher range over time,” crypto-pseud trader Reckitt Capital told Cointelegraph.

Recht noted that the daily downtrend, an ongoing pattern of daily declines in the price of Bitcoin (BTC), has now been “broken,” with the price closing at $65,854 on May 15, up 6.9% from the previous day’s close. compared to According to CoinMarketCap data.

Bitcoin’s daily downtrend reversed on May 15. Source: Rekt Capital

Rekt argued that Bitcoin has broken out of a retracement “range low,” the lower end of the price range at which Bitcoin is bought.

Breaking the all-time high of $73,797 on March 14 “could take weeks,” Recht said.

However, traders are optimistic about significant price increases if this pattern continues.

“This Bitcoin bull flag is going to be crazy (…) Mark my words,” cryptocurrency trader pseudonymous Mr. Crypto declared in a May 15 post.

Cryptocurrency Analysts Say Major Bitcoin Holders Are Hoarding More 2024
Bitcoin is currently trading at $65,863. Source: CoinMarketCap

Despite the pullback from the bottom of the re-accumulation range, demand for bitcoin points is back in “acceleration mode” after a two-month downtrend, cryptocurrency analysis firm Cryptoquant said in a May 15 report.

“Bitcoin demand growth appears to be stabilizing after trending downward since March,” he said.

Related to: Bitcoin Price Hits $64.7K As US CPI Shows Core Inflation At 3-Year Low

The report states that “Bitcoin balance growth among frequent holders and large investors appears to be accelerating again.”

Cryptocurrency Analysts Say Major Bitcoin Holders Are Hoarding More 2024
Bitcoin points back in ‘acceleration mode’ Source: Cryptoquant

However, CryptoQuant argued that demand must accelerate to sustain this price increase. At press time, Bitcoin was hovering around an opening price of $65,863.

The cryptocurrency analysis firm also noted that Bitcoin balances are falling over the counter (OTC), the direct exchange of cryptocurrencies between two parties outside of established exchanges, indicating that strong demand is outstripping available supply.

the magazine.How AI Could Ruin Games Audio Axies Addictive Game Web3 Gamer

This article does not contain investment advice or recommendations. Every investment and trading move involves risks and readers should do their own research when making a decision.

sh-hakam.com

I am HAKAM web developer. From here you will get a lot of valuable information for free and a call for updates to WordPress and Blogger so that your sites are accepted in Google AdSense and also proper mastery of SEO and the best for the easiest.

Leave a Reply

Your email address will not be published. Required fields are marked *