Guggenheim Chairman Scott Minerd believes that bitcoin could drop to $15,000 after he successfully predicted a drop of 50% back in May, as we witnessed here, in our BTC news.
The Guggenheim Chairman believes that there’s still more air to come out of the bitcoin market and that the number one asset could drop to $15,000. Scott Minerd, the chief investment officer of giant Guggenheim Investments said that the market’s ongoing slump is far from over as BTC could still drop to a new low:
“I think that there is still more air to come out of this, and ultimately, I think something in the neighborhood of $15,000 is where we’re going to end up.”
— Bloomberg TV (@BloombergTV) December 16, 2020
He pointed out that the standard bear market for BTC saw an 80% retracement and with all given uncertainty, new competition from the new coins, and everything else, there are changes for a further downside. Furthermore, despite Bitcoin’s recent parabolic price surge from $10,000 to $60,000, the coin pulled back to $31,000 marking a 50% decline which Minerd predicted a few weeks prior. The CIO argued that BTC has run “too far, too fast” and that its price was about to drop in the short-term:
“I think we could pull back to $20,000 to $30,000 on Bitcoin, which would be a 50% decline, but the interesting thing about Bitcoin is we’ve seen these kinds of declines before.”
He also said that the drop could be a normal evolution in what is a longer-term bull market:
“The breakdown we got to about $29,500, it could be a false breakdown, but I don’t think so,” he added. “When do you buy? Well, I don’t think any time soon. But I would make that decision based upon price action in the future.”
"There's still more air to come out of this."
— Bloomberg TV (@BloombergTV) July 22, 2021
What’s also interesting is that he drew the market’s attention a year ago when he said that BTC should be worth $400,000. As recently reported, Guggenheim partners as one of the world’s biggest fund managers with $270 billion in client assets under management, and now Guggenheim seeks BTC exposure as a part of the new fund as per the new filing with the US Securities and Exchange Commission. The fund is known as the Guggenheim Active Allocation Fund will invest in cryptocurrencies as a part of the larger bracket of alternative and traditional assets and it will utilize quantitative and qualitative analysis to identify the securities with attractive relative value and the risks and reward characteristics.
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