Bitcoin [BTC] couldn’t save itself from the bears. The dominance of the bears caused nothing but havoc in the market. While BTC slid below $20K multiple times, the altcoins lost all gains that they amassed over the last couple of months. The community continues to speculate the fall of BTC to $13K, some even to $1,100. Just when analysts thought that $20K would be the bottom, Bitcoin slumped to $19K once again.
Nevertheless, several continued to believe that Bitcoin and other cryptocurrencies could endure more selling pressure. Troy Gayeski, the Chief Market Strategist at FS Investments noted that crypto could further fall if the money supply growth goes negative.
In addition to this, he even addressed the ongoing market condition and outrightly stated that “You should never own more crypto than you could tolerate losing.”
The ongoing bear market has significantly declined market profits from 2021. Alongside, the abrupt downfalls of projects further burnt a big hole in the pockets of investors.
Despite this, billionaire Mark Cuban thinks that the market is yet to fall. The existing market isn’t exactly “cheap” yet. Appearing in a recent podcast, Cuban spoke about the bear market and said,
“It lasts until there’s a catalyst and that catalyst is going to be an application, or we get so low people go ‘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 witnessed widespread adoption over the last couple of years. However, the newbies were also scared off following the invasion of the bears. Bitcoin’s failure to move beyond $21K made an array of them lose faith in the king coin and the market as a whole.
Cuban, however, believes that these assets could get back on their feet. The billionaire entrepreneur suggested that applications with utility are the primary solution to resurrect cryptocurrencies.
Similar to Cuban, Loverro noted how the market would rebound only when retail investors discover novel apps and use cases. Retail investors drive the crypto price movement and their interest in the market is highly essential.
While this process would take a while, the crypto community is speculated to be left with the OG crypto investors. Weak hands have either sold or would soon sell their holdings if the market further slumps. Coinbase’s former board member Loverro added,
“The bottom will come not during this current fear & loathing phase but later, after indifference sets in, crypto is no longer making headlines, and the tourists have left 🎉. That process will take many months.”
Therefore, only the brave are likely to be retained in the market.