The chief strategy officer of CoinShares, Meltem Demirors, recently talked about the future of Bitcoin, the world’s leading cryptocurrency. According to the CSO, even though the currency is recording sharp declines in its value, it will manage to reach a new all-time high value in the next 24 months.
A repetitive cycle
Demirors appeared in an episode of Squawk Box on CNBC on Monday and talked about Bitcoin. She said that if the past performance of Bitcoin is taken into account, it becomes apparent that the world’s leading cryptocurrency is a cyclical asset. This means that it comes down from highs to lows and this is usually between 80% and 90%.
According to the CSO, there could be some additional downward adjustment even though the pioneer cryptocurrency has lost almost 70% of its value since the all-time high value of $69,000 that it had recorded back in November 2021.
However, Demirors highlighted that the currency still had a great deal of support at the $20,000 threshold and she said that it was unlikely for the crypto goes below the $14,000 mark. She also predicted that by 2024, the currency’s woes would be a thing of the past because Bitcoin will be able to record a new all-time high value in the next two years.
The cryptocurrency is currently trading close to the $20,000 mark and its price continues to vary between $19,000 and $20,000.
But, Demirors did assert that investors would have to wait for a bit in order to see a reversal happen. She said that there were no upward triggers evident in the near term, which means that the digital currency could in for some more suffering before it is able to move up.
She also added that the market was also suffering because of a number of insolvencies and liquidations that are currently ongoing and a massive amount of capital has been wiped out from the industry. Therefore, all markets, whether stock, futures, growth or crypto, will continue to suffer in the near term.
Demiror said that the bear market would wipe out a significant number of crypto assets, something that usually happens to tech stocks. She believes that there is a very long list of crypto assets that will be reduced to zero because they are not very promising in the long term, just as seen in the case of tech stocks.
Others support the prediction
Similar predictions have also been made by other experts in the crypto market. They have also said that there is a possibility that 90% of the crypto projects may be wiped out due to the current bear market. It is widely believed that only the most robust ventures will be able to get through the storm, which is taking down a number of companies as well.
It should also be noted that this is also an excellent opportunity for those who want to invest in the crypto market, as they can get their feet wet without having to invest huge amounts.