Guggenheim CIO Scott Minerd predicts another Bitcoin sell-off, but remains bullish over the long term – Bitcoin News
Guggenheim’s chief investment officer Scott Minerd has predicted another sell-off for Bitcoin. He also warned that it will take a while for the cryptocurrency to return to its previous highs. However, in the long term, Minerd has predicted that Bitcoin’s price could soar to $ 600,000.
Bitcoin sell-off set to continue, Minerd says
Guggenheim Partners’ Chief Investment Officer (CIO) Scott Minerd has made another bearish forecast for Bitcoin price in the short term. Minerd is also chairman of Guggenheim Investments, the global asset management and investment advisory division of Guggenheim Partners. Guggenheim Investments has total assets under management of approximately $ 270 billion in bonds, stocks and alternative strategies.
He told CNBC on Tuesday that Bitcoin has not bottomed out yet, stressing:
You can afford to be patient here. There is more to go.
He stated that Bitcoin has become “exponential” and that it will take some time for the cryptocurrency to return to its previous highs. He believes that an obstacle to Bitcoin will be some investors now shifting capital from BTC to competing cryptocurrencies.
Also: “Any market that becomes exponential is automatically unsustainable. I just looked at it and found that given the size of the movement, which was essentially a mania or a bubble, traditionally 50 to 75 percent, declines come from the top of the bubble, ”said the CIO.
Minerd has been forecasting a decline in Bitcoin price for months. In April, he warned of a major correction in the cryptocurrency that could bring its price down 50% to the $ 20,000-30,000 level. He said the BTC price looked “very frothy” at the time. Shortly after his prediction, the price of Bitcoin fell to the $ 30,000 level.
However, in the long run, the CIO has predicted that the price of Bitcoin could reach $ 600,000. “When you look at the supply of bitcoin relative to the supply of gold in the world … you are talking about $ 400,000 to $ 600,000 per bitcoin,” he said in February. “That is an indication of what might be fair value. That gives you a lot of leeway. ”He ultimately sees Bitcoin and Ether as“ winners ”in the cryptocurrency market.
What do you think of Guggenheim CIO Scott Minerd’s Bitcoin forecast? Let us know in the comment section below.
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