Bitcoin (BTC) could fall further, but Meltem Demirors, chief strategy officer at Coinshares, believes the top cryptocurrency will hit new all-time highs within the next 24 months.
In a talk on CNBC’s Squawk Box on July 11, Demirors noted that Bitcoin has always been a “current asset,” with drawdowns from its historical highs to lows of 80 to 90%.
Bitcoin is currently hovering around 65% from its all-time high in November 2021, which Demirors believes “there is room for further correction.”
However, Demirors noted that There is strong support around $20,000 and she doesn’t expect Bitcoin to drop below $14,000 and she predicts it will hit a new record high by 2024.
“Over the next 24 months, we will see Bitcoin hit an all-time high.”
“Obviously we have a lot of people being forced to sell collateral. and bankruptcy that had a huge impact on the market [… ] We are talking about 10, 20 to $30 billion of funds lost overnight.”
Demiror said she expects many crypto assets to be wiped out during the bear market. similar to those seen in tech stocks.
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