Bitcoin, ethereum and other major cryptocurrencies have suffered a brutal crash in recent months as a bitter new crypto winter sets in.
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The bitcoin price has plummeted under the closely-watched $20,000 per bitcoin level, with the latest sky-high U.S. inflation reading pushing the bitcoin price under $19,000. The ethereum price is meanwhile trading around $1,000 per ether—down from almost $5,000 late last year—with the crash wiping around $2 trillion from the combined crypto market.
Now, despite investors saying they’re not yet ready to call the [market] bottom, one influential crypto investor has predicted the bitcoin price will top its previous all-time high of almost $70,000 before 2025.
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“In the next 24 months, we will see new all-time highs in bitcoin,” CoinShares chief strategy officer Meltem Demirors told CNBC this week, pointing to bitcoin’s history as a “cyclical asset” that has previously seen 90% drawdowns following price peaks.
“There’s a very long, long tail of crypto assets that I think will go to zero, that doesn’t really have any long-term prospect as we’ve seen with so many tech stocks as well,” Demirors added, echoing crypto billionaire Sam Bankman-Fried who last week warned about “a substantial fraction” of cryptocurrencies that are nothing more than “empty products.”
Others have gone further, suggesting the vast majority of the crypto market will be wiped out during the coming crypto winter.
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“This is a cleansing process of note as we believe between 80% to 90% of the crypto projects will not survive this period,” Louis Schoeman, managing director at broker comparison site Forex Suggest, wrote in email comments.
“It also serves as a massive opportunity for many no-coiners to enter the crypto market for the first time ever at prices not seen since 2017. Fortune favors the brave in crypto right now.”