Coinshares CSO Meltem Demirors has pointed out that Bitcoin is well placed to go back to the top. The token has been enduring a rough spell over the last few months due to several bearish runs in the entire market. However, the Coinshares CSO sees the bigger picture and predicts that the digital asset could go all the way to touch close to another all-time high figure.
Coinshares CSO backs Bitcoin
During an interview with CNBC some days ago, the Coinshares executive noted that Bitcoin has always acted this way every other year. She pointed out that there has been a history of the token seeing a bearish run to lose about 80% of its value in the past. Bitcoin is presently 65% shy of its previous all-time high figure, and Demirors has more bad news for traders.
In her statement, the Coinshares CSO noted that the digital asset still has all the space it needs to trade down. However, Demirors noted that traders would not need to worry too much as there is support for the asset around the $20,000 price mark. She also assured users that they would have forgotten about all the funds they had lost in the bearish phase in the next four years.
Analysts predict doom for new tokens
Bitcoin presently exchanges hands at around $19,000, with the token slightly on a bearish path by 2% in the last 24 hours. However, the story is not the same since it touched its all-time high figure as the digital asset is currently 72% shy of the figure. However, the Coinshares CSO also noted that small-scale crypto projects might continue to struggle for the time being since no trigger could tip the asset to trade in their favor.
She noted that a lot of money had left the market with companies folding up in the face of the turgid market conditions. The Coinshares CSO also expects that things would get worse but would get better soon enough for companies to restart. She also mentioned that she predicts massive digital assets will be eliminated from the market, as it happened to tech companies. Other analysts have also predicted the same market trend, noting that we could see the elimination of more than 90% of new projects as the market continues to endure a bearish trend.