Bitcoin (BTC) is trading below the $20,000 level. Many experts say that BTC could drop further. However, Coinshares chief strategy officer Meltem Demirors believes that the top cryptocurrency will hit all-time highs in the next 24 months. Here are the details…
Positive forecast for Bitcoin from Demirors
Speaking on CNBC’s Squawk Box on July 11, Demirors said that Bitcoin has always historically fallen from 80 percent to 90 percent from top to bottom; He noted that he was a “cyclical being.” As we reported on Kriptokoin.com, Bitcoin is currently standing about 65 percent below its all-time high in November 2021. Demirors believes there is “still room for downward correction”.
Bitcoin is currently priced at $19,561, a 2.5 percent drop in 24 hours, and a 72 percent drop from its all-time high. However, Demirors says there is strong support around $20,000. He notes that he does not expect Bitcoin to drop below $14,000. Anticipating that pain will be an “ancient memory” by 2024, he said:
We will see all-time highs in Bitcoin over the next 24 months.
Trend reversal in BTC may take time
However, given that Demirors doesn’t see any “upstream catalysts,” the reversal may take some time. This could indicate more pain for weaker crypto projects. Demirors said he expects a large number of crypto assets to disappear during the bear market, similar to what is seen in tech stocks. The expert used the following statements:
Frankly, we had many liquidations, many bankruptcies, which had a huge impact on the market. […] We are talking about 10, 20, 30 billion dollars of capital that evaporated overnight. [We] definitely expect more pain for tech, growth stocks, and also crypto. There is a very long, long list of cryptocurrencies that I think will go to zero. These do not have a long-term prospect, as we see in many technology stocks.
Louis Schoeman, managing director of benchmarking site Forex Suggest, takes a similar view. A recent 9News report predicted that the current crypto decline could kill 90 percent of all crypto projects. “It’s a cleansing process,” Schoeman said. He added that “only the strongest crypto projects will survive this bear market.” However, he also states that it is a great opportunity for those entering the cryptocurrency market for the first time.
Last month, billionaire entrepreneur Mark Cuban said he doesn’t expect the crypto bear market to end until he can better focus on apps with business-oriented uses. Cuban also believes that mergers between different protocols and Blockchains will eventually consolidate the crypto industry. Because “this is what happens in every industry”.
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