The chief strategy officer at CoinShares, Meltem Demirors, has said that Bitcoin will achieve a new all-time high within the next two years. During an interview with CNBC’s Squawk Box, Demirors said that the current trend in Bitcoin’s price was part of its cyclical uptrends and downtrends.
CoinShares CEO predicts a new Bitcoin ATH in 2024
Bitcoin’s price is currently 65% below an all-time high created in November 2021. Demirors said there was still a chance that the downtrend would persist and new lows would be created.
Despite Bitcoin exhibiting a volatile price action, the executive noted that the coin had established strong support at $20,000. She also said that Bitcoin could not fall below $14,000. While further dips could cause more losses for investors, Demirors added that by 2024, this would only be a distant memory.
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At the time of writing, Bitcoin was trading at around $19,200, dropping by around 2% during the past 24 hours. Demirors prediction estimates that a major recovery will happen in two years, which could cause more problems for weak crypto projects.
Weak projects will fail
The recent bear market has caused a credit crunch, with several exchanges announcing they would halt services such as withdrawals because of a liquidity crisis. Some have also filed for bankruptcy, removing billions of dollars worth of crypto from the market.
Demirors also expected many crypto assets to be removed from the market during the bear season. Such cryptos are those that lack a long-term vision. Demirors sentiments echo those made by Louis Schoeman, a managing director at Forex Suggest, who predicted that the ongoing crypto downtrend could wipe out at least 90% of cryptocurrency projects.
Schoeman said that the current market was in a cleansing phase, adding that the only projects that would survive are the ones with a strong background. However, the low prices also presented an ideal opportunity for new investors to enter the market.
Bullish sentiments about crypto have been shared by many investors despite the low prices. In June, Mark Cuban, a billionaire entrepreneur, said he expects the bear market to persist if crypto projects fail to focus on applications that will boost business utility. Cuban even gave an example of blockchain-based QuickBooks.
Cuban also said that blockchain networks and protocols needed to come together to make the crypto sector achieve consolidation. Cuban said that this was the trend across all industries.
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