Wall Street titan Scott Minerd has advised against purchasing Bitcoin at current prices, predicting that it will crash to $10,000.
Apple co-founder Steve Wozniak has touted Bitcoin as a miracle, but he says he doesn’t own any BTC himself.
Bitcoin has continued to trade sideways above $30,000, now seeming unable to break its upper resistance for weeks. At press time, it’s trading just short of $34,000, gaining 3 percent in the past day. And while the top crypto has fought fiercely to stay above the $30,000 level, one Wall Street titan believes that it’s headed to $10,000. Elsewhere, one of the founders of global giant Apple has described Bitcoin as a miracle, but he doesn’t own any of it.
The flagship crypto has seen a volatile week, setting a weekly high just short of $36,000 and a low at around $32,290. The week was just an extension of the past month in which the crypto has been range-bound below $40,000, where the resistance has proved almost impossible to breach.
Analysts are seeing this sideways trading continue for some time. QCP Capital, a Singapore-based digital asset trading firm noted on its Telegram channel:
With psychological resistance at $40,000 and strong support at $30,000, there’s a good chance that BTC trades in this $10,000 range in the near future, which would likely cause implied volatility to collapse.
Scott Minerd: BTC headed to $10,000
As traders hope for Bitcoin to break past the $40,000 level, one Wall Street titan is predicting doom in the future for the crypto. Scott Minerd, the chairman of Guggenheim Investments, sees doom in the near future for BTC. He believes that the crypto is in the midst of a crash.
Speaking to CNBC, he stated:
When we look at the history of crypto and we look at where we are, I mean, I really do believe this is probably a crash, and you know a crash would mean we’d be down 70-80% which, let’s just say that’s between 10 and 15 thousand.
Minerd, who is the chief investment officer at the financial giant that has over $270 billion in assets under management, further dismissed owning Bitcoin in its current state.
Put it this way, I wouldn’t be in a hurry to buy Bitcoin and I don’t see any reason to own it right now. If you’re going to be a speculator, speculate that it’s heading lower.
Minerd has been blowing hot and cold regarding BTC. In December, he claimed that the crypto should be valued at $400,000. Since then, he has flip-flopped between being a bear and a bull, and the latest stance is bearish.
Steve Wozniak: Bitcoin is a miracle, but I don’t own any
One of the most beloved innovators of our time has continued his praise for Bitcoin. Steve Wozniak, who co-founded Apple alongside the legendary Steve Jobs, touted the crypto as a miracle in a recent event in Mexico.
“Gold is limited and you have to look for it; Bitcoin is the most amazing mathematical miracle,” he told the attendees.
However, despite being a Bitcoin lover, the Woz – as he’s fondly called – doesn’t own any of the crypto himself. “I do not invest in Bitcoin, but I believe in it for the future.”
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