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The chief investment officer of asset management firm Guggenheim, Scott Minerd, thinks he knows where the real low in the price of bitcoin is. He warns that the price of the cryptocurrency could drop to the $ 15,000 level.
Guggenheim’s Scott Minerd sees Bitcoin Bottom
Guggenheim Partners Chief Investment Officer (CIO) Scott Minerd is back with yet another bearish prediction for bitcoin and a forecast of where the ‘real low’ in the price of bitcoin is.
Minerd is also President of Guggenheim Investments, the global asset management and investment advisory division of Guggenheim Partners. Guggenheim Investments manages total assets of approximately $ 270 billion in bond, equity and alternative strategies.
He said in an interview with CNBC on Friday:
The real bottom, when you look at the techniques, $ 10,000 would be the real bottom. You know, it’s probably a little extreme, so I would say $ 15,000.
The prediction followed his comment on Tuesday on Twitter when he wrote, “Look for more crypto declines as bitcoin breaks support. The next likely support level is $ 20,000.
Minerd explained on Friday that the recent rally in BTC prices was supported by significant “central bank liquidity”. He warned that the price of bitcoin would drop as that liquidity wears off.
The price of bitcoin fell below the $ 30,000 level last week. At the time of writing, BTC stands at $ 31,583 based on data from Bitcoin.com Markets.
Guggenheim’s CIO then indicated that it “would not be in a hurry” to revert to bitcoin at $ 20,000, noting that the cryptocurrency is expected to consolidate sideways for a few years before it skyrockets. He nods:
I don’t think people have to be impatient to put money into bitcoin right now.
Minerd has made several bearish predictions on the price of bitcoin in the near term. In May, Minerd warned of a massive bitcoin sell-off after alerting investors to a major BTC correction in April.
Despite his short-term bearish outlook, Minerd is bullish on bitcoin in the long term, estimating that the cryptocurrency’s price could reach $ 600,000. “We do a lot of basic research. If you look at the supply of bitcoin versus… the supply of gold in the world… If bitcoin were to go to those kinds of numbers. You will be talking about $ 400,000 to $ 600,000 per bitcoin, ”described the CIO.
What do you think of Scott Minerd’s bitcoin price prediction? Let us know in the comments section below.
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