The sentiment in the crypto sector is extremely bearish. On May 23, several altcoins dipped below the May 19 panic low, suggesting that traders continue to sell at every opportunity. However, Bitcoin 

BTC

$22,595

 did not violate its May 19 panic low at $29,257.95, indicating buying at lower levels.

John Bollinger, the creator of the Bollinger Bands indicator, believes Bitcoin could be forming a W-shaped bottom, which may have a good risk to reward ratio.

In another positive sign, PlanB, the creator of the stock-to-flow Bitcoin price model, said that a large part of the selling has been done by traders who had purchased in the $55,000 to $60,000 zone in April. These traders dumped about 1 million Bitcoin in the $30,000 to $35,000 zone in May.

According to PlanB, the whales have bought aggressively during the current dip, which is a positive sign as “1 million Bitcoin are in strong hands now.”

Another insight about Bitcoin whale purchases was shared by Morgan Creek Digital’s Anthony Pompliano who referenced data from Glassnode. During the crash on May 19, Bitcoin whales owning between 10,000 and 100,000 Bitcoin bought 122,588 Bitcoin. Several crypto hedge funds interviewed by Bloomberg also said they had been buyers at lower levels.

What is clear is that whales have been buying the dips. Does this suggest that a bottom may be in place or could crypto prices fall further? Let’s analyze the charts of the top-10 cryptocurrencies to find out.