The demand for Bitcoin to reach a new all-time high keeps investor hopes alive. However, actual demand is declining significantly.
Since August, Bitcoin has struggled to rise above $60,000, delaying recovery from the July crash. The broadening ascending wedge pattern requires time due to declining BTC demand.
CryptoQuant reports a significant decline in holdings among large BTC holders, from 6% in February to 1% now. A 3% rise in wallets with 1,000-10,000 BTC is generally positive but not reflecting a price increase currently.
Permanent holders who only accumulate BTC continue to buy, with holdings increasing by 391,000 BTC monthly since May. These mixed signals might prevent Bitcoin's price from falling but also delay its rise.
Currently priced at $59,280, Bitcoin is likely to consolidate under $60,000 and move sideways before potentially rallying past $65,000. A breakout to $80,000 before Q3’s end appears unlikely unless bullish cues dominate.
