CoinShares chief technique officer Meltem Demirors mentioned Monday that the cryptocurrency market will doubtless “stay where we are for a while,” with no near-term upside catalysts on the horizon.
However, longer-term, Demirors informed CNBC that she expects Bitcoin (BTC-USD) to succeed in a brand new all-time excessive throughout the subsequent 24 months. Still, she thinks the present downturn will wash out lots of different cryptos that do not have the backing to outlive.
“There’s a very long, long tail of crypto assets that I think will go to zero that don’t really have any long-term prospect,” she predicted.
Demirors added that Ethereum (ETH-USD) and Solana (SOL-USD) may even discover longer-term buyers, as they’ve differentiated themselves from Bitcoin (BTC-USD) and different opponents.
As to BTC-USD itself, the CoinShares CSO contended that the crypto may push additional decrease, though she would not see it falling under $14K. She added that it appears to have vital assist across the $20K stage.
In Monday’s buying and selling, Bitcoin was sitting at round $20.4K, down about 2% on the day. The crypto had gotten as little as $17,605.78 in June, after hitting a excessive of almost $69K late final yr.
For extra on Bitcoin, learn a bullish take from Seeking Alpha contributor Mike Fay, who says the motion has began to really feel “like a one-sided trade again.”