Kevin Shears: Bitcoin will record a new price record in the next 24 months; What do other experts say?

Coinshares experts believe that Bitcoin will reach a new price peak in the next 24 months; But they say that due to the current recession, a large part of the small projects in the digital currency industry will disappear during this time.

To Report Cointelegraph, the price of Bitcoin may fall further, but Meltem Demirors, the director of strategy at Coin Shares, believes that the price of this digital currency will reach its peak in the next 24 months.

Bitcoin has always been a “cyclical asset,” Demirers said on CNBC’s Squawk Box on July 11. In addition, according to his words, the price of this digital currency has always decreased by 80-90% from its peak in these cycles.

Given that the price of Bitcoin is now about 72% below its all-time high of November 2021 (Aban 1400), Demirers believes there is still room for a downside correction.

However, Demirers noted that Bitcoin has strong support near $20,000 and personally does not expect the price to fall below $14,000. According to his predictions, this unpleasant situation will end by 2024.

Demirers said about this:

In the next 24 months, we will see new all-time highs and records for Bitcoin.

Bitcoin price is currently around $19,200 and has lost 3.20% of its value in the last 24 hours. It should be noted that this range is 72% lower than the historical peak of this digital currency.

Despite this, Demirers said he did not see “anything close to an uptrend.” As a result, the downward trend of the market may take more time and create more problems for weaker projects.

Demirers said about this:

Certainly, there have been many liquidations and bankruptcies that have had a huge impact on the market. […] We mean 10, 20, 30 billion dollars of capital that disappeared overnight. We certainly expect stocks of companies active in the field of technology, economic growth, as well as digital currencies to face more challenges.

Demirers expects a large number of digital assets to disappear completely during the current bearish trend. This is similar to what has happened to stocks of some technology companies in the past.

He continued:

There are so many digital assets I think [ارزش آنها] They reach zero and have no long-term prospects. This has already happened to the stocks of some technology companies.

Louis Schoeman, the CEO of Forex Suggest, agrees with Demirers and said in a recent report by NineNews that the current downturn in the digital currency market can kill up to 90% of all existing projects.

Shuman said about this:

This is a cleansing process. Only the strongest projects will survive this bear market. However [بازار نزولی] It is a great opportunity for many people who have no digital currency and want to enter the market. Right now, the fortunes in the cryptocurrency industry favor those with courage.

Last month, Mark Cuban, an entrepreneur and billionaire, said that in his opinion, the cryptocurrency bear market will not end until the cryptocurrency industry focuses on applications with efficient business tools.

Cuban believes that the integration of different protocols and blockchains will eventually stabilize the cryptocurrency industry, because “it’s what happens in every industry.”