Bitcoin (BTC) may have further to fall, but CoinShares chief strategy officer Meltem Demirors believes the top cryptocurrency will reach new all-time highs within the next 24 months.<\/p>\n
Speaking on CNBCs Squawk Box on Monday, Demirors noted that Bitcoin has always been a cyclical asset with drawdowns from peak to trough at 80 to 90% historically. <\/p>\n
With Bitcoin currently sitting at about 65% down from its all-time highs in November 2021, Demirors believes there is still room for some downward correction.<\/p>\n
However, Demirors noted there has been strong support around $20,000 and that she did not expect Bitcoin to fall below $14,000. She predicted the pain would be a distant memory by 2024, saying:<\/p>\n
Bitcoin is currently priced at $19,401, down 2% in 24 hours and down 72% from its all-time high. <\/p>\n
A reversal may be some time off, however, given Demirors can see no near upside catalysts which could signal more pain in store for weaker crypto projects. <\/p>\n
We obviously had a lot of liquidations, a lot of insolvencies that had a massive impact on the market. [...] Were talking about $10, $20, $30 billion of capital that has basically evaporated overnight:<\/p>\n
Demiror said she expected a large number of crypto assets to be wiped out during the bear market, similar to what has been seen in tech stocks. <\/p>\n
Theres a very long, long tail of crypto assets that I think will go to zero, that doesnt really have any long-term prospect as weve seen with so many tech stocks as well.<\/p>\n
Louis Schoeman, managing director at broker comparison site Forex Suggest, has a similar view. In a recent 9News report, hepredicted that the current crypto downturn could kill off as much as 90 percent of all crypto projects.<\/p>\n
This is a cleansing process, Schoeman said, adding that only the strongest crypto projects will survive this bear market. <\/p>\n
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.<\/p>\n
Related: Despite 'worst bear market ever,' Bitcoin has become more resilient, Glassnode analyst says<\/p>\n
Last month, billionaire entrepreneur Mark Cuban said he doesnt expect the crypto bear market to be over until theres a better focus on applications with business-focused utility. <\/p>\n
Cuban also believes mergers between different protocols and blockchains will eventually see the crypto industry consolidate, as thats what happens in every industry.<\/p>\n
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