Bitcoin and the majority of important altcoins aren’t tracking the gains seen in stocks, which is a sign that further losses are possible.
Markets for equity within the United States rallied sharply on May 25 and 26, however Bitcoin ( BTC) and other altcoins, however, haven’t been able to follow the same pattern. This indicates that traders aren’t convinced that the crypto market has been able to reach their lowest point yet.
The On-chain Analytics firm Glassnode stated that the amount of Bitcoin whales has decreased as of May 27. number dropped to its lowest point since July 2020.
On the 24th of May, Miller Value Partners founder and chief investment officer Bill Miller backed Bitcoin investing and described it as”an “insurance policy against financial catastrophe.”
In a letter to clients on the 25th of May JPMorgan declared that the decline of Bitcoin appears to be a capitulation, and they expect Bitcoin as well as the cryptocurrency market to rebound. JPMorgan’s analysts believe that Bitcoin’s fair price of $38,000 is approximately 30% more than its current value.
Can Bitcoin be able to follow that of the U.S. equities markets higher or will it break away and stagnate on lower levels? Let’s look at these charts for the top 10 cryptos to see.