Bitcoin and Ethereum remain down 35.30% and 41.87% this month
Analysts are warning that the recent crypto market rebound led by Bitcoin and Ethereum could be brief, citing as reasons why the overall tone remains negative given the current macro headwinds and crises in the crypto market. Despite the recent rally seen across the board, Bitcoin and Ethereum remain down 35.30% and 41.87% this month at current prices.
As U.Today previously reported, Nobel-winning economist Paul Krugman says that the recent rebound might be a ”flash in the pan” or “probably” just a dead cat bounce. During bear markets, it is typical to see short-lived rallies referred to as “dead cat bounces” before prices continue their downward move.
“Don’t rejoice that Bitcoin is back above $20,000.” Bitcoin Review Peter Schiff comes down hard on Bitcoin supporters. “20 is the new 30. It’s just another bullish trap. Nothing is falling in a straight line. In fact, this slow-motion crash has been extremely orderly. No signs yet of the capitulation that usually forms a bear market bottom.’ ‘
The Crypto Fear and Greed Index, which measures market sentiment, currently reads “9/100,” which is “extreme fear.”
Bitcoin and Ethereum Price Action
Bitcoin broke a 12-day losing streak on June 19, rallying above $20,000 and leading the cryptocurrency market in a comeback after a string of record losses.
At the time of publication, the lead cryptocurrency is up 5.17% after trimming some of the prior day’s gains, trading at $20,747. Bitcoin recouped some of its losses after plunging to as low as $17,599. The second-largest cryptocurrency by market capitalization touched as low as $881 in the sell-off before partly recovering. At press time, Ethereum was changing hands at $1,152, up 9.255% in the last 24 hours. Alternative cryptocurrencies such as Avalanche, Solana, Polkadot, Polygon and Apecoin recorded gains of between 10% and 15%.
According to Paul Veradittakit, partner at crypto-focused hedge fund Pantera Capital, digital assets could be approaching their lowest prices. “I think we’ve started to reach near-bottom levels where institutional investors see a buying opportunity,” he said.
