In a recent interview Scott Minerd, chief investment officer (CIO) of Guggenheim Partners and an investor in the stock markets, expressed that Bitcoin could sink to $ 10,000.
Specifically, Scott Minerd said on CNBC on Friday, that he expects Bitcoin to sink as low as $ 15,000. Less than half of what is currently sold.
“When you look at the technicalities, $ 10,000 would be the real fund. You know, that’s a bit extreme, so I’d say $ 15,000. That’s roughly 25% lower than other analysts believe Bitcoin’s likely bottom will be. ‘
Indeed, according to Minerd, these latest increases capitalized in recent days could be considered “bull traps.”
As a curious fact, based on some analysis, Scott Minerd points out that there are no clear indicators of a possible increase in the price of Bitcoin. Therefore, he recommends not investing, at least this is the moment.
“I don’t think people should be eager to put money into Bitcoin right now. BTC could spend the next few years trading sideways, before the market turns bullish again.
Scott Minerd’s previous predictions
In this regard, Scott Minerd has a compelling track record in predicting the downsides of Bitcoin. In December according to a review by Bloomberg, he indicated that Bitcoin should be worth $ 400,000.
“It is based on scarcity and relative valuation. Like things like gold, as a percentage of GDP. So, you know, Bitcoin actually has a lot of the attributes of gold. And, at the same time, it has unusual value in terms of transactions. ‘
At a general level, the factors that Minerd considers to make his statement are: The shortage of coins, and the “money printing” of the Fed.
However, just a few weeks after that, in January, he predicted, “I think we could go back to $ 20,000 or $ 30,000, which would be a 50% decrease. But the interesting thing about Bitcoin is that we have seen these kinds of declines before.
But, in early February, it gave CNN its highest price target yet: $ 600,000. Here you can afford to be patient. There is still room to go.
In the same vein, recently, he indicated on Twitter that: “The next likely support level for Bitcoin is $ 20,000.”
Look for more declines in crypto as Bitcoin breaks through support. Next likely support level is $ 20,000.
– Scott Minerd (@ScottMinerd) June 22, 2021
In any case, what do you think of Scott Minerd’s forecast on the price of Bitcoin? Let us know in the comment box.
Meanwhile, the price of Bitcoin faces some volatility and its future is uncertain. At the time of this writing, a Bitcoin is worth $ 31,000, according to our online crypto tool.
In closing, this is just Scott Minerd’s opinion. To invest or not in Bitcoin, depends on your plans and personal analysis.
I retire with this phrase from Benjamin Franklin: “Whoever has patience will get what he wants.”
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