Despite Bitcoin’s relatively poor market performance lately, CoinShares chief strategy officer (CSO) Meltem Demirors claims that Bitcoin could tap new all-time highs within the next 24 months.
Coinshares CSO backs Bitcoin Price
While speaking at CNBC’s Squawk Box, Demirors noted that Bitcoin has always acted this way and has witnessed over an 80 to 90% decline in the past.
BTC is currently trading at a $19,841.05 price level, about 71% down from its all-time highs in November 2021.
Considering the current market scenario, Demirors notes still a small room for BTC price correction, which could be a piece of more bad news for traders in the near term.
However, Demirors noted that traders would not need to worry too much as there is strong support at around the $20,000 mark; bitcoin falling below the $14,000 level is impossible, according to Demirors.
She also estimated, “In the next 24 months, we will see new all-time highs in Bitcoin.”
What’s Ahead for New Tokens?
She also noted that small-scale crypto projects might continue to struggle for a short time as there are “no near upside catalysts” that could trigger the asset to trade in their favor.
"For us at @CoinSharesCo the view is we are going to stay where we are for a while. There are no near term upside catalysts. We have yet to see #bitcoin in a #recession," says @Melt_Dem. "Certainly expect more pain ahead for tech stocks, growth and also #crypto." pic.twitter.com/3dQ7ke9tA5
— Squawk Box (@SquawkCNBC) July 11, 2022
The CSO expects many crypto assets to be wiped out during the bear market, similar to the tech stocks, as we head closer to recession.
Bitcoin Network Activity
The BTC network activity is also decreased along with the declining price correction. As per Glassnode, the total number of exchange deposits reached 2,013 on 12 July, the lowest level since July 2020.
BTC exchange deposits have also declined by more than 60% in the last 14 months. According to the Coinshares’ weekly digital asset fund flows report, Bitcoin investment products saw outflows worth $1.7 million last week.
The total value of BTC assets under management now stands at $24.6 billion. It has been down by almost $50 billion since November 2021.
This week, Macron strategist Lyn Alden also shared a similar forecast about the Crypto market.
“There’s still not a lot of bullish catalysts at the moment in terms of the macro landscape, and so I wouldn’t rule out further down movements in the price, but I do think that based on most ways of kind of valuing Bitcoin or looking at Bitcoin’s history, we are in kind of a deep-value zone here.
I don’t think investors should ever rule ever out more downward legs as long as the macro situation is this uncertain.”
In a recent News report, Louis Schoeman, managing director at broker comparison site Forex Suggest, also predicted that the current crypto downturn could kill off as much as 90% of all crypto projects.