BitcoinThe weekend saw a rebound as investors in cryptocurrency continue to seek a bottom after six tough months of selling.

According to Coin Metrics, Monday’s market capital was 4.6% higher than the largest cryptocurrency. EtherHighly advanced by nearly 5%

Stocks and crypto have continued to trade in sync. The Monday morning was also a good day for futures that are tied to the major stock averages. Investors have waited with baited breath as they watched risk assets prices rise, not knowing if these moves were temporary or permanent.

However, some still believe it is too soon.

Josh Olszewicz (head of research, Valkyrie Investments) stated that “we believe this relief rally to be a bull trap” and noted that while bitcoin might have experienced a brief gain, it is likely to return the downtrend we’ve been seeing for the past two-months. The combination of high inflation and the probability of recession in the global economy, along with central bankers increasing rates, will likely force assets to the downside at least until the end this summer.

He said that he believes bitcoin will fall to $22,000 and rally later in the year because of this convergence of factors. This is primarily due to large corporations and institutions buying into it. They are unlikely to allow their trades to go underwater.

According to Coin Metrics, last week, ether and bitcoin both went green. It was their first positive week since nine. This was the longest losing streak for cryptocurrencies.

Bitcoin has seen more than half its value since November’s record-breaking $68,982.20 high. Before falling to below $30,000 in March, it traded within a narrow range. the Terra collapse.

Kenneth Worthington (a JPMorgan analyst in research) said Monday that token prices dropped 27% in May after a 20% drop in April. The May increase in the volatility of April was further aggravated by the collapse of the UST algorithmic stablecoinThat led to both forced selling and uncertainty that had negative consequences for the larger cryptoecosystem. Although the trading volume in May appears to be slightly higher than April due to a low economy, most other growth indicators have declined over this month.

Worthington said that crypto needs a “fresh catalyst” and suggested it might be worth the Ethereum merge.

Nikolaos Panigirtzoglou from London, a JPMorgan strategist said last month that he saw potential in the JPMorgan strategy. about 30% upside for bitcoinFollowing the washout.