Coinshares CSO Meltem Demirors has noted that Bitcoin is well positioned to return to the top. The token has had a tough spell over the past few months due to several bearish periods across the market. However, Coinshares CSO sees the bigger picture and predicts that the digital asset could be close to a single-digit all-time high.
Coinshares CSO backs Bitcoin
During an interview with CNBC a few days ago, the CEO of Coinshares noted that Bitcoin has always done this way every year. He noted that there has been a history of the token dropping 80% in value in the past. Bitcoin is currently 65% off its previous high, and Demirors has worse news for traders.
In its statement, Coinshares CSO noted that the digital asset still has all the space it needs to trade. However, Demirors noted that traders need not worry too much as the asset’s support is around $20,000. He also assured users that in the next four years, they will forget all the capital they lost during the bearish phase.
Analysts predict doom for the new tokens
Bitcoin is currently trading at around $19,000, with the token down slightly by 2% in the last 24 hours. However, it’s not the same story, as the digital asset is currently 72% below that figure. However, the Coinshares CSO also noted that small-scale crypto projects may continue to struggle for now as no catalyst can trade the asset in their favor.
He noted that a lot of money has been taken out of the market and companies are collapsing in the face of turbulent market conditions. CSO Coinshares also expects things to get worse but get better soon as companies start up again. He also indicated that he foresees massive digital assets being removed from the market, as happened with tech companies. Other analysts have predicted the same market trend and noted that as the market continues to decline, we could see more than 90% of new projects being eliminated.