Bitcoin (BTC) may still have some way to go, but Coinshares Chief Strategy Officer Meltem Demirors believes the major cryptocurrency will reach new all-time highs in the next 24 months.
Speaking on CNBC’s Squawk Box on July 11, Demirors noted that bitcoin has always been a “cyclical asset” with a historically 80-90% drop from peak to low.
With bitcoin currently down about 65% from the all-time highs in November 2021, Demirors believes there is “still room for downward correction.”
However, Demirors noted that strong support is around $ 20,000 and does not expect bitcoin to fall below $ 14,000. She predicted that the pain would be a distant memory in 2024, saying:
“Over the next 24 months, we will see new full-time highlights for bitcoin.”
Bitcoin is currently valued at $ 19,401, down 2% in 24 hours and down 72% from an all-time high.
It may take some time, however, to reverse a trend; Demirors, however, see “without a close bullish catalyst” – which could signal more pain ahead for weaker cryptocurrency projects.
“Obviously we had a lot of liquidations, a lot of insolvencies that had a huge impact on the market. (…) We are talking about basically evaporating 10, 20, 30 billion dollars of capital overnight. ”
” [Nous] we can certainly expect more pain for technology stocks, growth and cryptocurrency as well. ”
Demiror said it expects many cryptocurrencies to be phased out during the bear market, similar to what is seen in tech stocks.
“There is a very long series of cryptocurrency assets that I think will fall to zero, that do not really have a long-term outlook, as we have seen with so many technology stocks as well.”
Louis Schoeman, managing director of Forex brokers comparison site Suggest, shares a similar view and a recent report from 9News predicted that the current cryptocurrency downturn could kill up to 90% of all crypto projects.
“It’s a cleanup process,” Schoeman said, adding that only the strongest cryptocurrency projects will survive this bear market.
“But it is also a huge opportunity for many coinless people to enter the cryptocurrency market for the first time. Fortune is smiling at the cryptocurrency giants at the moment. ”
Read also: Despite the “worst bear market ever,” bitcoin has become increasingly resilient, according to Glassnode analysts.
Last month, billionaire entrepreneur Mark Cuban said he doesn’t expect the cryptocurrency mark market to be over until there is a greater focus on apps with user-centric utility companies.
Cuba also believes that mergers between different protocols and blockchains will eventually see the cryptocurrency industry consolidate, because “it’s happening in every industry.”