CoinShares director of strategy, Meltem Demirors, says the price of the first cryptocurrency may continue to drop, but it will hit an all-time high in the next 24 months.

He reminded me that Bitcoin has always been a “cyclical asset” with top-to-bottom dips in the 80-90% range.

“There is still room for correction,” Demirors said, as current digital gold prices remain roughly 65% ​​below the November 2021 all-time high.

At the same time, he does not expect the rate to drop below $14,000, which points to a strong support level at $20,000.

“We will see all-time highs for bitcoin over the next 24 months,” Demirors said.

However, the expert noted that after a while, the price trend will reverse as “no growth catalysts” have yet been seen.

According to him, in the current bear market conditions, a large number of cryptocurrencies will cease to exist.

“There is a long track of crypto assets that I think will drop to zero as they have no long-term prospects. We have seen a similar process in the shares of technology companies,” he said.

Earlier, Mike Novogratz, head of Galaxy Digital, predicted that the stagnation in the cryptocurrency market would continue for about 18 more months. He also does not expect Bitcoin to drop below $14,000.

According to a Bloomberg poll, most investors think the price of the first cryptocurrency is more likely to drop to $10,000 than it is to return to $30,000.

Recall that in 2021, Demirors predicted bitcoin would hit $100,000 after the results.

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