Bitcoin (BTC) may have seen the worst of this bear market, with the main cryptocurrency plummeting about 70 percent from its all-time high in November 2021. However, industry experts remain hopeful and see a price recovery for the cryptocurrency market in the near future.
Bitcoin could see more red on the charts, but Coinshares chief strategy officer Meltem Demirors has faith in the crypto, as do many crypto analysts. She predicted that BTC will reach new all-time highs within the next two years.
According to a research conducted by the blockchain analytics startup Glassnode, as the debilitating bear market grinds on, an increasing number of investors are selling their holdings and notching historic realized losses.
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Image: Blocknity News
With the current decline hitting 74% below the November 2021 ATH and lasting between 227 and 435 days, Glassnode says that this bear market is now solidly “within historical norms and scale.”
In a recent interview with CNBC’s Squawk Field, Demirors claimed that Bitcoin has always been a “cyclical asset,” with pullbacks from “peak to trough” averaging from 80 to 90 percent.
Considering the slump, Demirors believes “there is still opportunity for a downward adjustment” even if Bitcoin is currently approximately 70 percent below its November 2017 all-time highs.
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Glassnode notes in its research that 2022 is a difficult year for most crypto assets, with the “crypto winter” hitting Bitcoin and Ethereum particularly hard.
Clearly, these bankruptcies had a significant impact on the market. Demirors stated that $10, $20, and $30 billion in capital had essentially vanished overnight.
Numerous market and on-chain performance metrics have hit statistically and historically significant lows for that matter.
BTC total market cap at $374 billion on the daily chart | Source: TradingView.com
However, Demirors added that there is solid support at $20,000 and that she did not anticipate Bitcoin to sink below $14,000. She expects that by 2024, the misery will be a distant memory.
If the Coinshares CSO forecast materializes, it would be fantastic news for long-term investors who have been mired in a depressed market over the past six months.
Considering that Demirors believes a price recovery may take some time, and less successful cryptocurrency ventures may be in for more beating.
As of this writing, Bitcoing is trading at $19,264, a decrease of 4.7% over the past week, according to data published by Coingecko on Wednesday. BTC hit a low of $17,604 last month, after reaching its all-time high in November 2021.
Featured image from CryptoPotato, chart from TradingView.com
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