CoinShares predicted a new bitcoin high within two years
The price of the first cryptocurrency may continue to fall, but will reach another all-time high in the next 24 months, according to CoinShares Chief Strategy Officer Meltem Demirors.
She recalled that bitcoin has always been a “cyclical asset,” with drawdowns from peak to low ranging from 80-90%.
Since the current quote of digital gold is about 65% below its November 2021 record high, “there is still room for some correction,” Demirors said.
That said, she doesn’t expect the rate to fall below $14,000, pointing to a strong level of support at $20,000.
“In the next 24 months, we will see new bitcoin all-time highs,” Demirors said.
However, the reversal of the price trend will happen after some time, because so far we do not see “any catalysts for growth,” the expert specified.
In her opinion, in conditions of the current bear market, a large number of cryptocurrencies will actually cease to exist.
“There’s a long trail of crypto-assets that I think will fall to zero because they don’t have any long-term prospects. We’ve seen a similar process in tech stocks,” Demirors said.
Earlier, the head of Galaxy Digital Mike Novogratz predicted that the recession in the cryptocurrency market will last about 18 months. He also does not expect bitcoin to fall below the $14,000 level.
According to a Bloomberg survey, most investors believe a decline in the price of the first cryptocurrency to $10,000 is more likely than a return to around $30,000.
As a reminder, Demirors predicted bitcoin to rise to $100,000 at the end of 2021.
