Skip to main content

Guggenheim CIO Predicts ‘Real Bottom’ of Bitcoin, Warns BTC Price Could Fall to $15,000

Guggenheim CIO Predicts 'Real Bottom' of Bitcoin, Warns BTC Price Could Fall to $15,000

The chief investment officer of asset management firm Guggenheim, Scott Minerd, thinks he knows where the real bottom of bitcoin’s price is. He warns that the price of the cryptocurrency could fall to the $15K level.

Guggenheim’s Scott Minerd Sees Bitcoin Bottom

The chief investment officer (CIO) of Guggenheim Partners, Scott Minerd, is back with another bearish prediction for bitcoin and a forecast of where the “real bottom” of the bitcoin price is.

Minerd is also the chairman of Guggenheim Investments, the global asset management and investment advisory division of Guggenheim Partners. Guggenheim Investments has about $270 billion in total assets under management across fixed income, equity, and alternative strategies.

He said in an interview with CNBC Friday:

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.

This prediction followed his comment Tuesday on Twitter when he wrote: “Look for more declines in crypto as bitcoin breaks through support. Next likely support level is $20,000.”

Minerd explained Friday that the recent BTC price rally has been supported by significant “central bank liquidity.” He cautioned that bitcoin’s price will fall as that liquidity fades.

The price of bitcoin dipped below the $30K level last week. At the time of writing, BTC stands at $31,583 based on data from Bitcoin.com Markets.

The Guggenheim CIO proceeded to advise that he “wouldn’t be in a hurry” to jump back into bitcoin at $20,000, noting that the cryptocurrency should consolidate sideways for a couple of years before it moves higher. He opined:

I don’t think people need to be anxious to be putting money in bitcoin right now.

Minerd has made several bearish predictions about the price of bitcoin in the near term. In May, Minerd warned of a massive sell-off in bitcoin after alerting investors to a major BTC correction in April.

Despite his short-term bearish forecast, Minerd is bullish about bitcoin in the long run, believing that the price of the cryptocurrency could reach $600,000. “We do a lot of fundamental research. If you consider the supply of bitcoin relative … to the supply of gold in the world … If bitcoin were to go to those kinds of numbers. You’ll be talking about $400K to $600K per bitcoin,” the CIO described.

What do you think about Scott Minerd’s bitcoin price prediction? Let us know in the comments section below.



from Bitcoin News https://ift.tt/3xQQkfw
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more