Billy Markus, co-founder of the Dogecoin project, talked about the bear market. The DOGE founder explained when the bear season will end and why it will continue. Let’s examine together.
Dogecoin founder: “The bear market will continue until this date”
Dogecoin founder Billy Markus shared about the bear market in the crypto money market. The famous DOGE founder took to Twitter, under the name Shibetoshi Nakamato, to voice his thoughts. The tweet, which was shared jokingly, included Markus’ predictions about the bear market. Accordingly, the Dogecoin developer said that the cryptocurrency market will eventually turn bullish. However, he added that this may take some time. The DOGE founder commented that the end of the bear market is “not soon”. Then he continued to share and gave a clear date. According to Billy Markus, the bear market will continue for an average of four years. Markus shared:
“Everything will work out sooner or later in the crypto market. But that won’t happen anytime soon, maybe 4 years from now…”
Then the Dogecoin founder was asked whether his current crypto sales would be fast and aggressive. The question also included whether the bear market would quickly end with a strong bounce. However, Markus had a pessimistic stance on this issue. In fact, the DOGE founder was of the opinion that the dire state of the global economy would affect the crypto markets more than expected.
The previous bear market also lasted for 4 years
As we have reported as Kriptokoin.com, the previous crypto winter had continued for 4 years. The previous bear market started in January 2018. For exactly 4 years, the cryptocurrency market has been trading at very low prices. However, like every winter, the 2018 crypto winter has come to an end. Bitcoin traded at $63,500, making the new ATH in April of 2021. Then, in as little as 8 months, it broke its all-time high again. The leading cryptocurrency hit a new high in November 2021, reaching $69,000. The crypto king BTC’s rally was followed by Dogecoin and other altcoin projects. In fact, there were very few cryptocurrencies that did not participate in the bullish rally in November of 2021.
But with 2022 things turned around. The increase in inflation rates on a global scale due to the Russia-Ukraine war had a negative impact on the markets. Like the commodity and commodity markets, there have been declines in the crypto market. Alongside the macro factors, the collapse of Terra drove crypto prices to the bottom. However, it has caused a great distrust of digital assets to emerge. Now, Bitcoin is facing another drop. It is also trading at $22,326 at the time of writing. Dogecoin, on the other hand, made an ATH last May thanks to Elon Musk’s debut on US television. Now DOGE is changing hands about 92% down from its historic high of $0.7376. The leading altcoin Ethereum, on the other hand, has a price tag of $1,190.
Skybridge Capital continues its bottom purchases
Anthony Scaramucci, founder of SkyBridge Capital wealth management fund, appeared on CNBC’s schedule on Monday. The billionaire said that despite the current low prices, he has positive feelings about the cryptocurrency market. He also announced that his asset management fund will buy more Bitcoin and Ethereum. The famous investor cited BTC as making up more than 50% of the crypto market. He also said that “there is a flight towards quality (in Bitcoin) here.” In his speech, Scaramucci advised investors to “stay calm and not panic.”
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