Bitcoin will reach ATH within the next 24 months, predicts Coinshares CSO
Bitcoin (BTC) may have experienced the worst of this bear market, with the main cryptocurrency plummeting around 70 percent from the all-time high in November 2021. However, industry experts are still hopeful and see a price increase for the cryptocurrency market in the near future.
Bitcoin may look more red on the lists, but Coinshare’s strategy manager Meltem Demirors believes in the crypto, as do many cryptanalysts. She predicted that BTC will reach new all-time highs within the next two years.
According to a survey conducted by blockchain analytics startup Glassnode, as the weakening bear market continues, an increasing number of investors are selling their holdings and recording historical losses.
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Image: Blocknity News
Bitcoin set bounces back strongly
With the current decline of 74% during November 2021 ATH and lasting between 227 and 435 days, Glassnode says that this bear market is now solid “within historical norms and scale.”
In a recent interview with CNBC’s Squawk Field, Demirors claimed that Bitcoin has always been a “cyclical asset”, with withdrawals from “top to bottom” averaging from 80 to 90 percent.
Considering the decline, Demirors believes that “there is still the possibility of a downgrade” even though Bitcoin is currently about 70 percent below its records in November 2017.
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Glassnode notes in its research that 2022 is a difficult year for most cryptocurrencies, with the “cryptocurrency winter” hitting Bitcoin and Ethereum particularly hard.
It is clear that these bankruptcies had a significant impact on the market. Demirors stated that $ 10, $ 20 and $ 30 billion in capital had largely disappeared overnight.
Numerous market and chain performance measurements have reached statistically and historically significant lows for that matter.
BTC total market cap at $374 billion on the daily chart | Source: TradingView.com
The pain will soon be gone
However, the Demirors added that there is solid support of $ 20,000 and that she did not expect Bitcoin to fall below $ 14,000. She expects that by 2024, the misery will be a distant memory.
If Coinshares’ CSO forecast is realized, it would be fantastic news for long-term investors who have been stuck in a depressed market for the past six months.
Considering that the Demirors believe a price recovery may take some time, and less successful cryptocurrency ventures may receive more beatings.
As of this writing, Bitcoing is trading at $ 19,264, down 4.7% over the past week, according to data published by Coingecko on Wednesday. BTC hit a low of $ 17,604 last month, reaching a record high in November 2021.
Featured image from CryptoPotato, chart from TradingView.com
