(BTC) After dropping to its real price, the market rebounded quickly$24,000 in May 12, suggesting bulls bought the dip at a cost of $24,000 CryptoQuant on-chain analytics platform says the average daily transaction was $24,000 exchange balances declinedMore than 243,355 Bitcoin were exchanged between May 11-12, indicating that bulls might have begun bottom fishing.

Raoul Pal, however macro investor, does not believe that there is a bottom. An exclusive interview with CointelegraphPal stated that crypto markets will likely plunge if they witness an equity market capitulation. The current bear phase is expected to end once the United States Federal Reserve has stopped hiking rates.