*Coinshares’ chief strategy officer, Meltem Demirors, told CNBC that BTC has the potential to reach a new all-time high in the next 24 months while the crypto market will stay where we are for a while, with no catalysts acting in near sight to pull the market from the bear phase.
*On July 11, Demirors told CNBC’s Squawk Box that Bitcoin is a “cyclical asset” with peaks, valleys, and troughs at 80-90 percent in its history. Currently, the crypto asset is 65 percent lower than its all-time high in November 2021. Demirors noted that “there is still room for some downward correction.
*She noticed strong support for Bitcoin at $20,000 and did not think it would fall below $14,000. Demirors predicts that in 2024, the crypto community will forget about the commotion in 2022 by stating, “in the next 24 months, we will see new all-time highs in Bitcoin.”
*Demirors expects a wipe out of a large number of crypto assets during the bearish market, similar to the happenings in the tech stock market. She said, “There is a very long, long tail of crypto assets that I think will go to zero, that doesn’t really have any long-term prospect as we’ve seen with so many tech stocks as well.”
*In June, Mark Cuban, a billionaire investor and entrepreneur, said he doesn’t see the bear market getting over until there is a better utility of applications besides finance.