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.”

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

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 topmagazinewire.com 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.

Close Bitnami banner
Bitnami