CEO of Guggenheim Forecasts Another 50% Drop in Bitcoin Price
Scott Minerd, the CEO of Guggenheim, has altered his view about Bitcoin’s next objective in the coming years. Minerd predicted that the virtual currency would reach $600,000 at the peak of the uptrend just few months earlier.
Bitcoin has lost almost half of its value since peaking at $65,000 in the first quarter of this year, and is currently trading for $31,000 at the time of writing.
Ever since asset’s slide below $40,000, top experts have been urging investors to purchase while the asset is trading at a bargain. Minerd, on the other hand, does not share this viewpoint.
Bitcoin has yet to hit its true bottom, as per the CEO of the multibillion-dollar investment company Guggenheim. In an interview with CNBC, he predicted that Bitcoin might fall further 50% from its present low, to roughly $15,000.
“When you study at the technicals, $10,000 would be the actual bottom,” Minerd stated. “But that maybe a little severe, so I’d suggest $15,000,” he added. He also predicted that Bitcoin will remain range bound for several years.
Bitcoin’s remarkable success, according to Minerd, was largely fueled by an increase in central bank’s initiatives to increase liquidity. Bitcoin’s demand will start to dwindle as governments restrict cash inflow schemes.
JPMorgan experts have also predicted that Bitcoin will tumble to $25,000 in the next month. JPMorgan concluded that until Bitcoin declines to $20,000, it is hard to see surrender. The large percentage of technical experts believes Bitcoin will find long-term support near the $20,000 mark.
He may be the world’s biggest Bitcoin bull. Microstrategy’s Michael Saylor has bought the Bitcoin “dip.” But what if it’s not just a dip?
— Bloomberg Technology (@technology) June 25, 2021
Michael Saylor, whose business, Microstrategy, has been stockpiling during this downturn, has emphasized that his priority is on the long run. Saylor predicted that Bitcoin will rise higher than it is today in the years to come, with volatility being a permanent characteristic. In recent times, the CEO has proved his strategy by purchasing an additional $500 million worth Bitcoin. During the weekend, Bitcoin took a beating.
The digital asset has tracked back to retest the $31,000 support after erasing off over 10% in the previous 24 hours after rising as much as $35,000 early in the week.