CoinShares predicts a new Bitcoin all-time high within two years

The price of the first cryptocurrency could continue to fall, but will reach another all-time high within the next 24 months, according to CoinShares’ head of strategy Meltem Demirors.

«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

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She noted that Bitcoin has always been ‘cyclical asset’ with drawdowns from peak to trough of about 80-90%.

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Since current prices of digital gold are roughly 65% below the November 2021 record high, there is still room for some correction, Demirors noted.

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At the same time, she does not expect the price to fall below $14,000, pointing to a strong support level at $20,000.

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\”Over the next 24 months we will see new all-time highs for Bitcoin,\” said Demirors.

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However, the reversal in the price trend will come after some time, as there are no growth catalysts visible for now, the expert noted.

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In her view, in the current bear market, a large number of cryptocurrencies will effectively cease to exist.

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\”There is a long tail of crypto assets that, I think, will fall to zero, because they have no long-term prospects. We’ve seen a similar process in tech stocks,\” Demirors said.

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Earlier, Galaxy Digital’s Mike Novogratz forecast that the recession in the cryptocurrency market will last for about another 18 months. He also does not expect Bitcoin to fall below $14,000.

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According to a Bloomberg poll, most investors consider more likely the price drop of Bitcoin to $10,000 than a return to around $30,000.

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Back in 2021, Demirors predicted Bitcoin would rise to $100,000.

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