David Marcus: The bear market won’t end in 2023

Cryptocurrency prices can be very volatile and are affected by a wide range of factors. These elements include market demand, regulatory changes and technological developments. It’s always a good idea to do your research and make your investment decisions carefully. Today, it is clear that investors remain pessimistic globally. This is the case of Davis Marcus, a former Meta executive turned Bitcoin Lightning Network advocate. According to him, 2023 will be “another difficult year” for crypto-mats after the FTX scandal.

A bear market that is likely to last over time

According to David Marcus, cryptocurrencies will take at least 2024 to recover from abuse by unscrupulous actors. In a blog post published on December 30, David Marcus, CEO and founder of Bitcoin company Lightspark, disappointed the most optimistic with his outlook for the coming years.

Less than two months after the FTX crash, the fallout continues to mar sentiment and price performance. For Marcus, famous for his role in the crypto industry at Meta and, before that, at PayPal, bad actors have a lot to answer for and their specter will remain in the crypto industry beyond 2023.
Although he only mentioned FTX once, he referred to what he called “unscrupulous actors”. These will make the market not work well beyond next year, he said.

whether HOLDER we have to wait for them to find a positive wallet, this could further disrupt the historical patterns of bitcoin (BTC). This model translates into two/four year allocation cycles. These cycles, which tend to produce growth in specific years, can be challenged. 2024, the year of the upcoming halving, is increasingly seen as a time of bullish price action, and some are predicting that the upward trend will begin a year earlier, in the second quarter of 2023.

However, even if the recovery takes longer than expected, Marcus believes a new, stronger industry will be in place by then.

Opinions divided since the FTX affair

After the FTX affair, a number of dignitaries spoke out. Among them is the CEO of the investment giant ARK Invest, Cathie Wood. It claims in a tweet from mid-December 2022 that the Bitcoin blockchain did not fail during the crisis caused by centralized dark actors. No wonder Sam Bankman Fried didn’t like bitcoin, she says. This is transparent and decentralized, factors they cannot control. However, the accounts are there and the price of bitcoin has paid the price for these players.

BTC price in dollars over 180 days. Source: Coingecko

In terms of price action, opinions continue to differ on how the first quarter of 2023 may unfold. Some feel that the worst of the recent bitcoin market is already over. Others continue to warn of a deeper decline in the price of Bitcoin. The latter predict a bitcoin at $10,000, or even less.

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Krull avatar
Krull

To the angel of the middlemen of the current monetary system, I oppose DeFi, digital assets and the metaverse. Lawyer in Luxembourg, I am interested in cryptocurrency investment funds.

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