Bitcoin [BTC] could not save himself from the bears. The dominance of the bears caused nothing but devastation in the market. While BTC has fallen below $ 20K several times, the altcoins have lost all the gains they have made over the past few months. The community continues to speculate about the fall in BTC to $ 13K, some even to $ 1,100. Just when analysts thought $ 20K would be the bottom line, Bitcoin dropped to $ 19K again.
However, several continued to believe that Bitcoin and other cryptocurrencies could withstand more selling pressure. Troy Gayeski, the chief market strategist at FS Investments, noted that crypto could decline further if money supply growth becomes negative.
In addition, I even addressed the continuing market situation and openly stated that “You should never own more crypto than you can tolerate losing. ”
The continuing bear market has seen significant declines in market profits since 2021. In addition, the sudden downfall of projects has further burned a huge hole in the pockets of investors.
Despite this, billionaire Mark Cuban thinks the market is going to fail. The existing market is not yet “cheap”. Cuban appeared in a recent podcast and talked about the bear market, saying:
“It continues until there is a catalyst and that catalyst is going to be an application, or we get so low people are going to ‘fuck it, I’ll buy some.“
Coinbase’s former board member Tom Loverro even gave a timeline.
Will crypto recover from this damage caused by the bear?
The crypto industry has seen widespread acceptance over the past few years. However, the newcomers were also deterred after the invasion of the bears. Bitcoin’s failure to move beyond $ 21,000 has caused a variety of them to lose confidence in the monarchy and the market as a whole.
However, Cuban believes that these assets can get back on their feet. The billionaire entrepreneur has suggested that useful applications are the primary solution to revive cryptocurrencies.
Similar to Cuban, Loverro noted how the market will only recover when retail investors discover new applications and use cases. Small investors are driving the crypto-price movement and their interest in the market is extremely essential.
Although this process would take a while, it is speculated that the crypto community will be left with the AG crypto investors. Weak hands have either sold or will soon sell their holdings if the market continues to decline. Coinbase’s former board member Loverro added,
“The bottom line will not come during this current phase of fear and disgust, but later, after indifference ensues, crypto no longer makes headlines, and the tourists have left 🎉. That process will take many months. ”
Therefore, only the brave are likely to be retained in the market.