Bitcoin (BTC) may have further to fall, Coinshares chief strategy officer Meltem Demirors believes the top cryptocurrency will reach new all-time highs within the next 24 months. Though she certainly expects “more pain ahead” for tech stocks and crypto as we head closer to recession.
While speaking on CNBC’s Squawk Box on July 11, Demirors distinguished that Bitcoin has always been a “cyclical asset” with drawdowns from peak to trough at 80 to 90% historically.
With Bitcoin presently sitting at about 65% down from its all-time highs in November 2021, Demirors is confident that “there is still room for some downward correction.”
However, Demirors also stated that there has been strong support around $20,000 and that she did not expect Bitcoin to fall below $14,000. She forecast 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 now priced at $19,401, down 2% in 24 hours and down 72% from its all-time high.
Demiror 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, supports her. In a recent 9News report, he predicted that the current crypto downturn could kill off as much as 90 percent of all crypto projects.
Schoeman called it “This is a cleansing process,” 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 favors the brave in crypto right now.”
Billionaire entrepreneur Mark Cuban said last month that he doesn’t expect the crypto bear market to be over until there’s 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 consolidate, as “that’s what happens in every industry.”
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