Billy Markus believes that the current selling pressure will not lead to a rebound in asset prices because of the global economic situation

Dogecoin co-founder allowed the possibility of the crypto market to continue to decline for four years

14.06.2022 - 15:00

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1 min

What’s new? Billy Markus, an IT engineer and Dogecoin (DOGE) co-founder, believes that the cryptocurrency market will “be okay eventually.” However, Markus noted that this can take quite some time. In his view, the bearish trend in the market will continue for four years. Markus added that the current selling pressure will not lead to a rebound in asset prices because of the global economic situation. He revealed this on Twitter.

As of June 14, 14:30 UCT, bitcoinis trading at $22 108, according to Binance. Ethereum is priced at $1203, while Dogecoin is down by 92,5% from its all-time high of $0,7376 reached in May 2021 and sits at $0,055.

Earlier, analytics firm Glassnode released a report announcing the start of the “darkest” phase of the bear market. Although a number of indicators point to oversold conditions, bitcoin remains correlated with traditional markets and prices are declining concurrently. Micrometric indicators, such as the realized capitalization to transaction value (RVT) ratio, also continue to decline.

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