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

Although Bitcoin (BTC), may continue to fall, Coinshares chief strategist Meltem Demirors believes that the top cryptocurrency will hit new all-time highs in the next 24 months.

Demirors stated that Bitcoin is a “cyclical” asset with drawdowns at 80 to 90 percent historically.

Demirors believe that Bitcoin is currently at 65% below its November 2021 highs.

Demirors said that there has been strong support for Bitcoin around $20,000, and that Bitcoin would not fall below $14,000. Demirors stated that the pain will be forgotten by 2024.

“In the next 24 month, we will witness new all-time highs for Bitcoin.”

Bitcoin’s current price is $19,401. This is a 2% drop in 24 hours and 72% below its high.

Demirors cannot see any “near upside catalysts”, which could mean that a reversal is not possible. This could indicate more pain for weaker crypto projects.

“We had a lot liquidations and insolvencies that had a huge impact on the market. […] This is $10, $20, and $30 billion in capital that basically disappeared overnight.

“[We] expect more pain ahead of tech stocks, growth and crypto.”

Demiror stated that she expects a large amount of crypto assets to be destroyed during the bear market. This is similar to what happened in tech stocks.

“There is a long, long tail in crypto assets that I believe will go to zero. That doesn’t really have any long term prospect, as we’ve seen with many tech stocks.”

Louis Schoeman (Managing Director at Forex Suggest), shares a similar viewpoint and predicted in a 9News report that the current crypto downturn might kill off up to 90% of all crypto projects.

Schoeman stated that this is a cleansing process and added that only the most powerful crypto projects will survive the bear market.

It also offers a huge opportunity for many non-coiners to get into the crypto market. Fortune favors brave crypto traders right now.

Related: Glassnode analyst confirms that Bitcoin is more resilient than ever despite the worst bear market in history.

Mark Cuban, a billionaire entrepreneur, said last month that he does not expect the crypto bear to end until there is a greater focus on applications with utility-focused business applications.

Cuban believes that the crypto industry will consolidate if there are mergers of different protocols and blockchains, because “that’s what happens everywhere.”

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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