Dogecoin inventor shared his bear market expectations. Billy Markus discusses what to expect from a bearish market.
What should we expect from a bear market according to Billy Markus?
Founder Billy Markus talks about what to expect from the still bearish market. “Greg” on Twitter asked Markus how long the bear market would last. The DOGE founder answers this question:
Sometimes there are dead cat bounces before hopes and aspirations are destroyed again.
The dead cat bounce is a modest, temporary price gain of a crypto, followed by a bearish retracement.
Cryptocurrency market downturn was deeper than ever this year
The cryptocurrency market has fallen hard this year as a result of the Fed’s aggressive monetary tightening stance. The Fed’s “risk aversion” cycle culminated in a bear market. Bitcoin has lost about 70% of its value. Several other cryptocurrencies also experienced similar declines.
Since its inception, cryptocurrencies have experienced a series of massive declines known to the rest of the financial community as “crypto winters” and “bear markets.” John Griffin, a professor of finance at the University of Texas, has similar views on the bear market. He recently noted:
There could be several bear rallies. But I don’t see a spark to reverse the cycle anytime soon.
Dogecoin is up almost 30% in the last week.
DOGE price has been rising steadily since June 18, when it dropped to $0.04. The sixth consecutive day of gains since June 23 is about to happen. Meanwhile, at $0.081, the bulls are heading towards the daily MA 50 resistance. If this threshold is crossed, the $0.12 level will be the next upside target. Dogecoin is up 4% from the last 24 hours at the time of writing. It has gained more than 25% in the last 7 days. Meanwhile, it is trading around $0.07657. In terms of daily growth, it also surpasses the top 10 cryptocurrencies.
According to statistics from IntoTheBlock, Dogecoin whales are on the move again. Accordingly, the number of large transactions has increased by approximately 118% in the last 24 hours. Whale transactions are often worth more than $100,000. Large transaction spikes are sometimes associated with increased activity of buying or selling whales. Additionally, the Dogecoin price is now 54% profit from the last 30 days. We saw the Dogecoin price reach $0.7376 in May last year. It is now 89.64% depreciated from this level.
As we reported on Kriptokoin.com, Tesla CEO Elon Musk recently tweeted 2 tweets for Dogecoin.
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