It has been a rough year for our largest cryptocurrency, with many investors having doubts about its eventual recovery. However, CoinShares chief strategy officer Meltem Demirors believes Bitcoin will once again rise from the ashes and soar to new all-time highs in the span of the next 24 months, though it still may have further to fall prior to that.
At the time of writing, Bitcoin is at about 65% down from its latest November 2021 all-time high and Demirors admits "there is still room for some downward correction." However, she does not see Bitcoin falling below $14,000 and predicts the fall to be forgotten by 2024, saying: “In the next 24 months, we will see new all-time highs in Bitcoin.”
The bear market has caused many problems for Bitcoin and there are no visible upside stimulants. Therefore, Demirors thinks that it might still take some time for the asset to embark on its healing journey:
“We obviously had a lot of liquidations, a lot of insolvencies that had a massive impact on the market. [...] We’re talking about $10, $20, $30 billion of capital that has basically evaporated overnight. [We] certainly expect more pain ahead for tech stocks, growth, and also crypto.”
All in all, Bitcoin has taken some serious hits during recent market events but experts are still expecting it to recover most of its losses in the upcoming future. As an old saying goes, this too shall pass.
