IT engineer Billy Markus, who co-founded Dogecoin (DOGE) with Jackson Palmer in 2013, used Twitter to comment on the current bear market.
How will the crypto winter affect investors, according to the Dogecoin founder?
Billy Markus shares his thoughts on Twitter about how the community is welcoming the crypto winter and how they’ve been affected. The Dogecoin founder says the bear market could last for a long time.
“People are starting to understand crypto”
Markus’ tweets were somewhat sarcastic. He said people are only “starting to understand what crypto really is” during crypto winters. He added that these “realizations” are always basics like Bitcoin being easily traceable, exchanges being centralized and insecure.
He also believes that once people stop being fascinated by the “extreme greed” for crypto earnings, they tend to have a more rational picture of the crypto market in their heads. However, investors often go from “extremely unreasonable belief” to “extremely unreasonable hatred.” Earlier, Billy Markus tweeted that he believes the current bear market will last for roughly four years.
Dogecoin founder says bear will last 4 years
The cryptocurrency market has been down for about 6 months after peaking in November. The bears’ win became clear as the Terra collapse and a host of macroeconomic factors aggravated. Later, names closely followed by the community, including Binance CEO CZ, shared their experiences about bear periods. As we quoted as Kriptokoin.com, one of the remarkable predictions came from Dogecoin founder Billy Markus. In mid-June, Markus predicted that the bear market would last for 4 years.
When asked whether this crypto sale would be “fast and aggressive” and result in a strong bounce, Markus disagreed, citing the dire state of the global economy. The previous crypto winter also lasted roughly four years. In detail, we were in a bear market from January 2018 to 2021, when Bitcoin reached the ATH level of $63,500 in April and then rose to about $69,000 in November.
bear market patterns
Each crypto bull run is different from the previous one for several reasons. However, as the chart below shows, the two bear markets typically followed a similar path.
2014/15 bear market:
Now the 2018/19 bear market:
We clearly see the same pattern when it comes to the next cycle start. The price finally broke above the trendline, which has been acting as resistance since the previous high. It then passed by this level and finally broke through. Thus, the next cycle begins properly. The fact that this trendline does not dictate the moment the bear market ends is not important before the new cycle officially begins. In between, typically periods like January 2015 and March 2020 lead to sudden bearish surrender. Trend breaking is one of the characteristic features of cryptos, where no one is sure where the market really is.
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