Bitcoin Drop will last until this date!


Tom Loverro, who served on the board of directors of the global cryptocurrency exchange Coinbase until 2021, shared his comments on the ongoing winter of Bitcoin and altcoin. He has posted a detailed post on Twitter providing information on how the market will avoid this. Here are the details…

Loverro: Cryptocurrencies will take some time to recover

In June 2022, Bitcoin fell below the $ 20,000 level. Many experts predict that BTC could decline further. Among them is Tom Loverro, a former Coinbase board member. Loverro noted that 2022 will continue to be a difficult year for cryptocurrencies. He acknowledges that the market will drop even lower than it is now.

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He predicts that the situation will continue until 2023. However, he thinks things can only start to improve in the second half of 2023 or by the end of the year. According to Loverro, it will take roughly the same amount of time to recover, as it took 12 months for the market to switch from “top-to-bottom crypto”. Loverro uses the following expressions:

The Bottom will not arrive in the current horror phase. But later, once the indifference begins, cryptocurrencies will no longer make the news. So, the “tourists” will leave. This process will take months.

Loverro said VC companies and cryptocurrency investors suffer from “innovation bias” as they expect an immediate recovery. Many of these investors are comparing the current situation with Covid’s ‘black swan event’ of 2020. Loverro points out that the current market situation is the result of rising interest rates. Therefore, the market will not recover until rates stabilize.

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The bitcoin and altcoin market has not yet hit rock bottom

Indeed, according to Loverro, the market has not yet hit rock bottom. FUDs (fear, uncertainty and doubt) in the industry continue to keep investors busy. Individual investors are still looking for innovation and momentum in the market. However, we will hit the real bottom this year when we no longer talk about cryptocurrencies. At that time ordinary investors or “tourists” will be withdrawn from the market. Indifference will begin. Loverro also explains how to make the most of the market situation. He believes the bear market is the time to innovate and build market share.

Innovations should focus on creating new applications and use cases for digital assets, especially in the single domain. He also believes that the industry should focus on reducing taxes and improving infrastructure levels. Loverro strongly advised investors to stay strong in the next 30-36 months of cryptocurrency winter to enter a bigger market than ever. As we have also reported, cryptocurrencies have been collected over the past couple of years, mostly with easy money printed by the FED. The correction, however, now reflects the end of that era, according to Loverro.

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