CIO of Guggenheim – Bitcoin Could Decline to a Range of $20,000-30,000 April 24, 2021 April 24, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsApril 24, 2021 by Kelly Cromley

CIO of Guggenheim – Bitcoin Could Decline to a Range of $20,000-30,000

Scott Minerd, a Wall Street warhorse and Chief Investment Officer at Guggenheim Partners, has cautioned investors that Bitcoin could record a considerable decline in the short-term, considering the steep rise it recorded in the past few months.

A week after Bitcoin recorded an all-time peak of about $65,000, Scott Minerd has stated that he expects Bitcoin is on course to record over 50% of value erosion in the days ahead.

While speaking to CNBC’s Worldwide Exchange, Minerd said “I think we could pull back to $20,000 to $30,000 on bitcoin, which would be a 50% decline, but the interesting thing about Bitcoin is we’ve seen these kinds of declines before.”

Since April 2020, Bitcoin has gained more than 600% from about $7,000 to all-time high of $64,804. Bitcoin has also recorded huge declines throughout the aforesaid period, losing nearly 15% in a single day in March and almost 20% in the comparable time period last week as it dropped from its all-time peak to $52,829.

Minerd continues to have a bullish view of Bitcoin (BTC) in the long-term, indicating that prices could ultimately hit between $400,000 and $600,000 per coin. He states that a price correction in the near term would be a portion of “the normal evolution in what is a longer-term bull market.”

In recent times, Bitcoin advocate Peter Brandt stated that Bitcoin will test $46,615 to test its weekly moving average, a pattern seen even during strong rallies. Nevertheless, Brandt believes that the chances of a deep decline are very less.

While writing this article, Bitcoin was trading at $50,343, an increase of 2.8% in the past 24 hours.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.