Bitcoin (BTC) is likely to fall further, but Meltem Demirors, chief strategy officer at CoinShares, believes the top cryptocurrency will reach new all-time highs within the next 24 months.
On July 11, Demirors noted on CNBC’s Squawk Box that Bitcoin had been a “cyclical asset” with historical peak-to-trough declines of 80% to 90%.
Given that Bitcoin is currently down about 65% from its November 2021 all-time-high, Deirors believes there is “some room for a downward correction.”
However, Demirors pointed out that Bitcoin has strong support at around $20,000, and she does not expect it to fall below $14,000. She predicts that by 2024, the pain will be a distant memory, saying:
“Over the next 24 months, we will see new all-time highs for Bitcoin.”
Bitcoin’s current price of $19,806 is down 2% in 24 hours and 72% from its all-time high.
However, given that Demirors sees no “near-term upside catalyst,” the reversal could take a while, which could mean more pain for weaker crypto projects.
“We had a lot of liquidations, a lot of bankruptcy, and that had a huge impact on the market,” she said
Demirors said she expects many cryptocurrency assets to be wiped out during a bear market, as with tech stocks.
Last month, billionaire entrepreneur Mark Cuban said he did not expect the bear market in cryptocurrencies to end unless there was a better focus on applications with commercial utility.
