Demand for Bitcoin (BTC) price to form a new all-time high has been keeping investors’ hopes alive.

However, the actual demand for BTC is showing a massive decline. However, there is one cohort of investors that could prevent a drawdown in price.

Bitcoin Demand Dwindles

Since the beginning of August, Bitcoin’s price has struggled to rise above $60,000. This is delaying the recovery of investors’ losses from the July crash.

While the crypto asset’s movement defines the structure of a broadening ascending wedge, the breakout from this pattern takes a lot of time. The reason behind this is the decline in demand for BTC among investors.

An exclusive report from CryptoQuant shared with BeInCrypto shows that large BTC holders’ holdings have declined considerably. As noted in the report, the 30-day percentage change in whale holdings has decreased from 6% in February to just 1% currently.

Read more: What Happened at the Last Bitcoin Halving? Predictions for 2024

Bitcoin Price Analysis. Source: TradingView

However, if Bitcoin’s price does manage to breach $65,000, it could break out above $71,500. This would enable a rise for BTC, potentially rallying past the all-time high of $73,800, invalidating the bearish-neutral thesis.