With Bitcoin currently sitting at about 65% down from its all-time highs in November 2021, Demirors believes “there is still room for some downward correction.”

“In the next 24 months, we will see new all-time highs in Bitcoin.”

Demiror said she expected a large number of crypto assets to be wiped out during the bear market, similar to what has been seen in tech stocks.“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.”  “We certainly expect more pain ahead for tech stocks, growth, and also crypto.” 

Given “no near upside catalysts” — which could signal more pain in store for weaker crypto projects. “We obviously had a lot of liquidations, a lot of insolvencies that had a massive impact on the market. We're talking about $10, $20, $30 billion of capital that has basically evaporated overnight.” 

''This is a cleansing process, only the strongest crypto projects will survive this bear market''

Louis Schoeman, managing director at broker comparison site Forex Suggest, has a similar view and in a recent 9News report predicted that the current crypto downturn could kill off as much as 90 percent of all crypto projects. "This is a cleansing process," Schoeman said, adding that only the strongest crypto projects will survive this bear market. "But it also serves as a massive opportunity for the new coin to enter the crypto market for the first time.

Last month, billionaire entrepreneur Mark Cuban said he doesn’t expect the crypto bear market to be over until there’s a better focus on applications with business-focused utility. Cuban also believes mergers between different protocols and blockchains will eventually see the crypto industry consolidate, as “that’s what happens in every industry.”