Bitcoin (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 Monday, Demirors noted that Bitcoin has always been a “cyclical asset” with drawdowns from peak to trough at 80 to 90% historically.
With Bitcoin 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 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.”
Bitcoin 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. In a recent 9News report, he 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…