Coinshares' CSO Meltem Demirors averred that a lot of weaker cryptos would be washed out in the current downturn
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Coinshares' chief strategy officer, Meltem Demirors, told CNBC that BTC has the potential to reach a new all-time high in the next 24 months while the crypto market will “stay where we are for a while”, with no catalysts acting in near sight to pull the market from the bear phase.
On July 11, Demirors told CNBC's Squawk Box that Bitcoin is a "cyclical asset" with peaks, valleys, and troughs at 80-90 percent in its history. Currently, the crypto asset is 65 percent lower than its all-time high in November 2021. Demirors noted that "there is still room for some downward correction”.
She noticed strong support for Bitcoin at $20,000 and did not think it would fall below $14,000. Demirors predicts that in 2024, the crypto community will forget about the commotion in 2022 by stating, "in the next 24 months, we will see new all-time highs in Bitcoin."
Currently, Bitcoin is priced at $19,541, more than a 71 percent descent from its peak price. Demirors predicted a reversal in the trend, but she saw "no near upside catalysts,” which can add to the adversity of smaller and weaker crypto-asset projects.
She added, "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 capital that has basically evaporated overnight."