Bitcoin (BTC) might have further to fall, but CoinShares chief strategy officer Meltem Demirors believes the very best cryptocurrency will achieve new all-time highs over the following 24 several weeks.
Speaking on CNBC’s Squawk Box on Monday, Demirors noted that Bitcoin happens to be a “cyclical asset” with drawdowns from peak to trough at 80 to 90% in the past.
With Bitcoin presently sitting at approximately 65% lower from the all-time highs in November 2021, Demirors believes “there continues to be room for many downward correction.”
However, Demirors noted there’s been strong support around $20,000 which she didn’t expect Bitcoin to fall below $14,000. She predicted the discomfort will be a distant memory by 2024, saying:
“In the following 24 several weeks, we will have new all-time highs in Bitcoin.”
Bitcoin is presently costing $19,401, lower 2% in 24 hrs and lower 72% from the all-time high.
A reversal might be a while off, however, given Demirors can easily see “no near upside catalysts” — that could signal more discomfort available for less strong crypto projects.
“We clearly had lots of liquidations, lots of insolvencies which had an enormous impact available on the market. […] We’re speaking about $10, $20, $30 billion of capital which has essentially evaporated overnight:”
“[We] certainly expect more discomfort ahead for tech stocks, growth, as well as crypto.”
Demiror stated she expected a lot of crypto assets to become easily wiped out throughout the bear market, much like what’s been observed in tech stocks.
“There’s a really lengthy, lengthy tail of crypto assets which i think goes to zero, that does not genuinely have any lengthy-term prospect as you’ve seen because of so many tech stocks too.Inches
Louis Schoeman, md at broker comparison site Foreign exchange Suggest, includes a similar view. Inside a recent 9News report, he predicted the current crypto downturn could get rid of around 90 % of crypto projects.
“This is really a cleansing process,” Schoeman stated, adding that just the most powerful crypto projects can survive this bear market.
“But additionally, it works as a massive chance for a lot of no-coiners to go in the crypto market the very first time. Fortune favors the brave in crypto at this time.Inches
Related: Despite ‘worst bear market ever,’ Bitcoin is becoming more resilient, Glassnode analyst states
Recently, millionaire entrepreneur Mark Cuban stated he doesn’t expect the crypto bear sell to be over until there is a better concentrate on applications with business-focused utility.
Cuban also believes mergers between different protocols and blockchains will ultimately begin to see the crypto industry consolidate, as “that’s what goes on in each and every industry.”
