Here’s When Bitcoin Will See New All-Time Highs, According to CoinShares CEO Meltem Demirors

A crypto investing veteran sees no break in the clouds ahead for most asset classes as the markets limp into summer.

In a new interview with CNBC’s Squawk Box, CoinShares chief strategy officer (CSO) Meltem Demirors says her firm remains cautious about further Bitcoin (BTC) investment due to a lack of data on how BTC might perform in a macroeconomic slump.

“For us at CoinShares, the view is we’re going to stay where we are for a while. There are no near-term upside catalysts.

We have yet to see [how] Bitcoin [behaves] in a recession. Arguably, are we in a recession? We don’t know, but with what’s going on in the Eurozone, around the world, and here in the United States with the Fed hiking rates and cutting back on their open-market activities – we certainly expect more pain ahead for tech stocks, growth, and also crypto.”

The CoinShares CSO says the crypto markets are still reacting to the fallout after several major projects collapsed in recent months which caused tens of billions of dollars to disappear in a flash.

“I think the big thing question is, what are traders doing [with] what’s happening in markets? We obviously had a lot of liquidations, and a lot of insolvencies that had a massive impact on the market.

We’re talking $10, $20, $30 billion of capital that has basically evaporated overnight. Liquidity that’s gone out of the system, and we haven’t yet seen the full impact of that because most of the companies in this industry are not publicly listed.

So we don’t get that transparency that we normally see.”

Demirrors continues that CoinShares doesn’t see Bitcoin going below a $14,000 threshold, with strong support at $20,000.

Earlier this week, macro strategist Lyn Alden offered similar comments about the crypto forecast.

“There’s still not a lot of bullish catalysts at the moment in terms of the macro landscape, and so I wouldn’t rule out obviously further down movements in the price, but I do think that based on most ways of kind of valuing Bitcoin or looking at Bitcoin’s history, we are in kind of a deep-value zone here.

I don’t think investors should ever rule ever out more downward legs as long as the macro situation is this uncertain.”

At time of writing, Bitcoin is down 3.1% over the last 24 hours, trading for $19,442.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Check Latest News Headlines

 

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Roman3dArt

Source: https://dailyhodl.com/2022/07/13/heres-when-bitcoin-will-see-new-all-time-highs-according-to-coinshares-ceo-meltem-demirors/