When the market value has fallen by about two-thirds in just six months, global stock markets are going through difficult times, and crypto exchanges are optimizing their work in different ways, it is difficult to talk about the prospects of cryptocurrencies.

Changpeng Zhao, the founder, and CEO of Binance, commonly known as CZ, told Bloomberg that this is how the industry works. Due to the current bearish trend, many market participants who are “not so skilled” in managing operational risk will be washed out of the market.

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The terms “bull trend” and “bear trend” are used to describe market movements. “Bulls” are investors who believe that the asset will increase in price, which prompts them to buy and earn from the growth of quotations. The “bears” are confident in the fall in the price of the asset and open a short position – they “short” the asset. The predominance of one or the other on the market is called the corresponding trend.

At the same time, he does not see anything strange in the current dynamics. Markets go up and down, this also happens in the ordinary stock market during bullish and bearish trends. According to him, this is already the third bearish trend in the crypto market in his memory.

We are talking about three big booms and busts of the crypto market in 2013-2014, 2017-2018, and 2021-2022. For example, during the first bear cycle, Bitcoin collapsed from $1,000 to $200, and during the second, from $20,000 to $4,000.

During each “great crash”, Bitcoin fell by 80% each time, and alternative cryptocurrencies lost 90% of their value, only to recover after a few years. Therefore, it is optimistic to believe that the current minus is the bottom.

CZ noted to Fortune that the current downturn in the crypto market could last four years. Weak projects will be weeded out, and strong ones will remain. “Everyone who endures, who survives, will be stronger,” he says.

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