Bitcoin to achieve new all-time highs within 24 months: Coinshares CSO

Bitcoin (BTC) may have to fall further, but Coinshare’s strategy manager Meltem Demirors believes that the top cryptocurrency will reach new records within the next 24 months.

When Demirors spoke on CNBC’s Squawk Box on July 11, Demirors noted that Bitcoin has always been a “cyclical asset” with 80 to 90% top-to-bottom withdrawals historically.

With Bitcoin currently at around 65% down from all-time highs in November 2021, Demirors believes that “there is still room for some downward correction.”

However, Demirors noted that 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:

“Over 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 the all-time high.

However, a reversal may be a bit free, given Demirors can see “no near upside catalysts” – which could signal more pain in waiting for weaker crypto projects.

“We obviously had many liquidations, many insolvencies that had a massive impact on the market. […] We are talking about $ 10, $ 20, $ 30 billion of capital that has basically evaporated overnight. “

“[We] certainly expects more pain ahead for technology stocks, growth and also crypto. “

Demiror said she expected a large number of cryptocurrencies to be wiped out during the bear market, similar to what has been seen in technology stocks.

“It’s a very long, long tail of cryptocurrencies that I think will go to zero, which doesn’t really have any long-term prospects that we’ve seen with so many technology stocks as well.”

Louis Schoeman, CEO of the broker comparison site Forex Suggest, has a similar view and predicted in a recent 9News report that the current crypto downturn could kill 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 huge opportunity for many no-coiners to enter the crypto market for the first time. Fortune favors the brave in crypto right now.”

Related: Despite ‘the worst bear market ever,’ Bitcoin has become more robust, says Glassnode analyst

Last month, billionaire entrepreneur Mark Cuban said he does not expect the crypto bear market to be over until there is a better focus on applications with business-focused utility.

Cuban also believes that mergers between different protocols and blockchains will eventually see the crypto industry consolidated, as “that’s what’s happening in all industries.”