The CSO of Coinshares predicts that Bitcoin will reach new all-time highs within 24 months

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The CSO of Coinshares predicts that Bitcoin will reach new all-time highs within 24 months

The CSO of Coinshares predicts that Bitcoin will reach new all-time highs within 24 months
Source: CoinTelegraph
1657716248 13 Jul / 12:44

Demirors predicts "more pain ahead" for technology stocks and cryptocurrencies as the recession approaches. Meltem Demirors, chief strategy officer of CoinShares, predicts that Bitcoin (BTC) will hit new all-time highs over the next 24 months.

Monday on CNBC's Squawk Box, Demirors stated that Bitcoin has always been a "cyclical asset" with historical drawdowns of 80 to 90 percent from peak to trough. Demirors feels "there is still potential for a downward correction" even though Bitcoin was roughly 65 percent below its all-time highs in November 2021.

However, Demirors added that there is solid support around $20,000 and that she would not anticipate Bitcoin to sink below $14,000. She anticipated that by 2024, the discomfort would be a distant memory, stating: "In the next 24 months, we will see new all-time highs in Bitcoin."

Bitcoin’s price is $19,401, down 2% in the past 24 hours and 72% from its all-time high.

A turnaround may be a ways off, though, given that Demirors sees “no near upside catalysts,” – which may portend more suffering for weaker crypto ventures.

“We obviously had a lot of liquidations, a lot of insolvencies that had a massive impact on the market. […] We’re talking about $10, $20, $30 billion of capital that has basically evaporated overnight:”

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

Demiror predicted that a significant amount of crypto assets would be wiped out during the bear market, similar to what has occurred with IT 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.”

The managing director of the broker comparison website Forex Suggest, Louis Schoeman, has the same opinion. In a recent article by 9News, he warned that the current crypto market decline might wipe out up to 90 percent of all crypto ventures.

“This is a cleansing process,” Schoeman said, adding that only the most robust cryptocurrency ventures will survive the 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.”

Mark Cuban, a millionaire entrepreneur, stated last month that he does not anticipate the crypto bear market to end until there is a greater emphasis on business-focused applications.

Cuban also believes that the crypto sector will eventually consolidate due to mergers between various protocols and blockchains because “that’s what happens in every industry.”

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