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Bitcoin (
$78,001.00 ) (BTC) may have further to fall, but Coinshares chief strategy officer Meltem Demirors believes the top cryptocurrency will reach new all-time highs within the next 24 months.
Speaking on CNBC’s Squawk Box on July 11, Demirors noted that Bitcoin ( $78,001.00 ) has always been a “cyclical asset” with drawdowns from peak to trough at 80 to 90% historically.
With Bitcoin ( $78,001.00 ) currently sitting at about 65% down from its all-time highs in November 2021, Demirors believes “there is still room for some downward correction.”
However Demirors noted there has been strong support around $20,000 and that she did not expect Bitcoin ( $78,001.00 ) to fall below $14,000. She predicted the pain would be a distant memory by 2024, saying:
“In the next 24 months, we will see new all-time highs in Bitcoin ( $78,001.00 ) .”
Bitcoin ( $78,001.00 ) is currently priced at $19,401, down 2% in 24 hours and down 72% from its all-time high.
A reversal may be some time off however, given Demirors can see “no near upside catalysts” — which could signal more pain in store for weaker crypto projects.
“We obviously had a lot of liquidations, a lot of insolvencies that had a massive impact on the market. […] We’re talking about $10, $20, $30 billion of capital that has basically evaporated overnight.”
“[We] certainly expect more pain ahead for tech stocks, growth, and also crypto.”
Demiror said she expected a large number of crypto assets to be wiped out during the bear market, similar to what has been seen in tech stocks.
“There’s a very long, long tail of crypto assets that I think will go to zero, that doesn’t really have any long-term prospect as we’ve seen with so many tech stocks as well.”
Louis Schoeman, managing director at broker comparison site Forex Suggest, has a similar view and in a recent 9News report predicted that the current crypto downturn could kill off as much as 90 percent of all crypto projects.
“This is a cleansing process,” Schoeman said, adding that only the strongest crypto projects will survive this bear market.
“But it also serves as a massive opportunity for many no-coiners to enter the crypto market for the first time. Fortune favors the brave in crypto right now.”
Related: Despite ‘worst bear market ever,’ Bitcoin ( $78,001.00 ) has become more resilient, Glassnode analyst says
Last month, billionaire entrepreneur Mark Cuban said he doesn’t expect the crypto bear market to be over until there’s a better focus on applications with business-focused utility.
Cuban also believes mergers between different protocols and blockchains will eventually see the crypto industry consolidate, as “that’s what happens in every industry.”
