Asset Manager Guggenheim lowers Bitcoin price prediction for the “real low” – markets and prices Bitcoin News
Scott Minerd, CIO of Guggenheim, made another prediction of where Bitcoin price will be, a lower estimate than his previous “real low” price prediction.
- Guggenheim Partners Chief Investment Officer (CIO) Scott Minerd returned last week with another bearish forecast for Bitcoin. Minerd is also the chairman of Guggenheim Investments, the global asset management division of Guggenheim Partners, with total assets under management of approximately $ 270 billion.
- Minerd predicted last month that Bitcoin’s “real low” based on its technicals would be at $ 15,000. He reduced the then price level of 10,000 US dollars and called this level “a bit extreme”.
- However, in an interview with CNBC on Friday, Minerd indicated that the $ 10,000 level is now possible. “If we look at the history of crypto and see where we are,” he said:
I really think this is likely a crash. And, you know, a crash would mean we’d slump 70-80% which, let’s just say, is somewhere between $ 10,000 and $ 15,000.
- The Guggenheim CIO continued, “So I would be in no rush to buy Bitcoin, and I see no reason to own it right now. If you want to be a speculator, speculate that it will go down. “
- While Minerd has continuously forecast crashes and further sell-offs for Bitcoin in the short term, he has maintained his long-term BTC price prediction of $ 400,000 to $ 600,000.
- In the meantime, Guggenheim has tried to get more in touch with BTC. In June, the company registered a fund that allows exposure to the cryptocurrency. According to his filing with the US Securities and Exchange Commission (SEC), Minerd will be responsible for the day-to-day administration of the portfolio.
What do you think of Scott Minerd’s Bitcoin prediction? Let us know in the comment section below.
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