The crypto market is stuck for now, but Bitcoin will reach new records within 24 months: Coinshares’ CSO

by · July 13, 2022

The crypto market is stuck for now, but Bitcoin will reach new records within 24 months: Coinshares’ CSO

Coinshares’ CSO Meltem Demirors believed that much weaker crypto would be washed out in the current downturn

By Shashank Bhardwaj

Image: Shutterstock

Coinshare’s chief strategy officer, Meltem Demirors, told CNBC that BTC has the potential to reach a new all – time high over the next 24 months while the crypto market will “stay where we are for a while”, with no catalysts working nearby. vision to pull the market from the bear phase.


On July 11, the Demirors told CNBC’s Squawk Box that Bitcoin is a “cyclical asset” with peaks, troughs and bottoms of 80-90 percent in history. Currently, the crypto asset is 65 percent lower than its all-time high in November 2021. Demirors noted that “there is still room for some downward correction”.

She noted strong support for Bitcoin at $ 20,000 and did not think it would fall below $ 14,000. time highs in Bitcoin. “

Currently, Bitcoin is priced at $ 19,541, more than a 71 percent drop from the top price. Demirors predicted a reversal in the trend, but she saw “no near upside catalysts,” which could add to the adversity of smaller and weaker cryptoactive projects.
She added, “We obviously had a lot of liquidations, a lot of insolvencies that had a massive impact on the market. […] We are talking about $ 10, $ 20, $ 30 billion of capital that has basically evaporated overnight. ”
Demirors expects a wiping out of a large number of cryptocurrencies during the bearish market, similar to what is happening in the technology stock market. She said, “There is a very long, long tail of cryptocurrencies that I think will go to zero, which really does not have any long-term prospects that we have seen with so many technology stocks as well.”
Forex Sugget’s CEO at the broker comparison site, Louis Shoeman, expressed similar views. In a 9News report, he said that unfavorable market conditions could remove 90 percent of all crypto projects. According to Shoeman, it is a “cleansing process” and the survival of the fittest. He added, “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.”

In June, Mark Cuban, a billionaire investor and entrepreneur, said he did not see the bear market coming over until there is a better use of applications in addition to finance.

Cuban goes on to say that merging different protocols and blockchains will eventually consolidate the cryptocurrency industry since “that’s what’s happening in every industry.”
The author is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximist. Twitter: @bhardwajshash

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