He stated that altcoin investors are gradually losing trust in the markets due to their lack of movement.

Moreover, since May 2021, altcoin markets have been declining in a bear market that "has already lasted for more than two years."

It is the "longest existing bear market for cryptocurrencies."

Ever longest bear market

He added that it is unsurprising given the events of 2022, which included several significant collapses and a barrage of regulatory pressure.

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The Securities and Exchange Commission has declared war on cryptocurrencies, while traditional financial institutions line up to submit applications for exchange-traded funds.

He added that this does not imply that markets will continue to decline.

"The majority of altcoins have been trending downwards for 18 to 24 months in a row. Bitcoin pairs are at cycle lows and sentiment is low, but that does not imply that the market will continue to decline.

He stated that we are in the second stage of capitulation, which is time. This is the "boring stage" of the cycle, but with the participation of large institutions, a change in trend may be imminent.

Will Clemente, the founder of Reflexivity Research, affirmed the notion by stating that the current bear market is worse than the previous two.

"In terms of realized cap drawdowns, this Bitcoin bear market was worse than both 2015 and 2018 – meaning those who purchased at the peak of the previous market cycle realized a massive amount of losses."

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Volume and volatility, meanwhile, remain at record lows. Bitcoin's 10-day realized volatility is so low that it is near to falling below that of stocks, bonds, and bullion.

Coin Market Projection

As another week of consolidation comes to a close, market capitalization remains unchanged at $1.2 trillion. Since the middle of March, markets have been stagnant, with the total cap hovering around this level.

Bitcoin is currently trading at a six-week low of $29,180, unchanged on the day and week, as the monotony persists. In the meantime, Ethereum has been in a downward trend for the past three weeks, despite the recent influx of ETH ETF applications.

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