A young woman passes the Bitcoin symbol in the window of a company offering blockchain application services.
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Bitcoin Cryptocurrency investors have been looking for a bottom after about six months of selling, so it has risen over the weekend.
According to Coin Metrics, the largest cryptocurrency by market capitalization rose 4.3% on Monday to $ 31,278.09. ether It went nearly 2% to $ 1,852.64.
Cryptography continues to work in tandem with stocks. The average of all three major stocks on Monday was also high. Investors are breathtaking as they see the price of risk assets rise, and it’s unclear if the move is temporary or if a more permanent reversal is ultimately here.
However, some say it’s still premature.
“This bailout rally is a bullish trap, and while Bitcoin has the potential to bring short-term profits, we believe it is likely to resume the downtrend seen in the last two months.” Responsible Josh Olszewicz said. At Valkyrie Investments. “The uncertainty of the global economy and the potential for recession due to high inflation, coupled with the widespread use of central bank rate hikes, could push down all assets at least until the end of summer.”
“We believe that the confluence of this factor is likely to bring Bitcoin down to $ 22,000 before it collects later this year, mainly where it was acquired by many institutions and large corporations. And it’s very unlikely that you’ll overshoot the deal, underwater, “he added.
According to Coin Metrics, both Bitcoin and Ether turned green last week for the first positive week in nine years. This was the longest-running losing streak for cryptocurrencies.
Bitcoin has more than halved since reaching a record $ 68,982.20 in November. It was trading in a tight range this year, but this month it was below $ 30,000. Terra collapse..
“Token prices fell 20% in April and then 27% in May,” JP Morgan research analyst Kenneth Worsington said in a note on Monday. “The environment in April, which had already been challenged, was changed to May. UST algorithm stablecoin collapse It has negatively impacted the broader crypto ecosystem, driving a combination of forced sales and uncertainty. Trading volumes in May appear to have increased slightly since the fall in April, but almost all other growth indicators have declined last month. “
Worsington also said that crypto “needs a new catalyst”, which is Ethereum Marge..
Last month, another JP Morgan strategist, London-based Nikolaos Panigilzoglow, said: About 30% increase in Bitcoin After a recent washout.
