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.
Speaking on CNBC’s Squawk Box on July 11, Demirors noted that Bitcoin has always been a “cyclical asset” with drawdowns from peak to trough at 80 to 90% historically.
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.”
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:
“In the next 24 months, we will see new all-time highs in Bitcoin.”
Bitcoin is currently priced at $19,401, down 2% in 24 hours and down 72% from its all-time high.
A reversal may be some time off however, given Demirors can see “no near upside catalysts” — which could signal more pain in...
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