Bitcoin (BTC) may still fall further, but Coinshares chief strategy officer Meltem Demirors thinks the top cryptocurrency will reach new all-time highs in the next 24 months.
Demirors stated on CNBC’s Squawk Box on July 11 that Bitcoin has always been a “cyclical asset,” with drawdowns from peak to trough ranging from 80 to 90% historically.
Demirors believes there is still room for a downward correction in Bitcoin, which is currently about 65% lower than its all-time highs in November 2021.
Demirors, on the other hand, stated that there has been strong support around $20,000 and that she does not expect Bitcoin to fall below $14,000. She predicted that by 2024, the pain would be a distant memory, saying:
“In the next 24 months, we will see new all-time highs in Bitcoin.”
Bitcoin is currently priced at $19,401, down 2% in 24 hours and 72% from its all-time high.
However, a reversal may be some time away, as Demirors see “no near upside catalysts” — which could mean more pain for weaker crypto projects.
“[We] certainly expect more pain ahead for tech stocks, growth, and also crypto.”
Demiror predicted that a large number of crypto assets would be wiped out during the bear market, similar to what has happened with tech stocks.
In a recent 9News report, Louis Schoeman, managing director at broker comparison site Forex Suggest, predicted that the current crypto downturn could kill up to 90% of all crypto projects.
“This is a cleansing process,” Schoeman said, adding that only the most resilient cryptocurrency projects will survive this bear market.
Last month, billionaire entrepreneur Mark Cuban stated that he does not expect the crypto bear market to end until there is a greater emphasis on applications with commercial utility.
Cuban also believes that mergers of different protocols and blockchains will eventually result in the crypto industry consolidating, because “that’s what happens in every industry.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews