Foreign media reports that Dogecoin co-founder Billy Markus recently stated on X, when discussing the cryptocurrency market trend, that the current downturn is more like a "boredom period" within a bear market. He believes that the market is not experiencing a panic sell-off, but rather has entered a phase of prolonged sideways movement and repeated testing.

Altcoins are generally under pressure

Earlier analysis by CryptoQuant showed that about 40% of altcoins were near all-time lows in July. The report also mentioned that Dogecoin briefly fell to $0.0693 in early July, a new low since November 2023, before continuing to fluctuate at low levels.

The rebound was quickly met with selling pressure.

The article states that the current market is characterized by unsustainable rebounds, with prices often encountering selling pressure shortly after they rise. Most altcoins are underperforming, with low trading volume, and traders are more inclined to reduce leverage and maintain a defensive stance.

Markus's time judgment

In an interaction with the community, Markus replied that such stagnant phases historically typically last "three to four years," but added that there's no definitive answer on the exact duration. The article argues that this is more like a consolidation within a larger cycle than a complete trend reversal.