Guggenheim’s Scott Minerd has warned investors that the real bottom is still not in and Bitcoin could shed another 50 percent to bottom at $15,000.
With the bottom still a long way out, the prominent investor thinks investors should not be “anxious in putting money in bitcoin now.”
Guggenheim’s CEO Scott Minerd has changed his mind over Bitcoin’s next target in the near future. At the height of the positive run a few months ago, Minerd stated that the digital asset would climb as high as $600,000. Since hitting $65,000 in the first quarter of the year, Bitcoin has shed off roughly 50 percent and is exchanging for $31,000 at the time of press.
Top analysts have, since the drop under $40,000, been calling on investors to accumulate with the asset selling at a discount. However, Minerd is not of the same opinion. According to the multi-billion dollar investment firm Guggenheim CEO, Bitcoin is yet to find its real bottom. Speaking to CNBC, he warned that Bitcoin could shed another 50 percent from its current low to reach as low as $15,000.
“The real bottom, when you look at the technicals, $10,000 would be the real bottom, you know, that’s probably a little extreme, so I would say $15,000,” explained Minerd. He further stated that Bitcoin was likely to consolidate sideways for a couple of years. Minerd believes that Bitcoin’s exceptional performance was in part driven by an increase in central bank liquidity. With governments rolling back on cash influx programs, Bitcoin’s demand will begin to fade.
Bitcoin- to buy or to cash out?
As CNF reported, JPMorgan analysts have also warned that Bitcoin could drop to $25,000 in the coming month. JPMorgan finalized that Bitcoin was unlikely to witness a capitulation unless Bitcoin dropped below $20,000. A majority of technical analysts predict that Bitcoin has set the $20,000 level as the long-term support.
Michael Saylor whose firm, Microstrategy has been accumulating during this dip has reiterated that his focus is in the long term. Saylor noted that Bitcoin was guaranteed to be higher than it is now in the coming years and in between, there would be volatility. The CEO has demonstrated his technique by acquiring an additional $500 million worth of Bitcoin in recent weeks.
— Bloomberg Technology (@technology) June 25, 2021
Bitcoin has taken another dip during the weekend. After climbing as high as $35,000 earlier in the week, the digital asset has tracked back to test the $31,000 support after wiping out more than 10 percent in the last 24 hours.
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