Guggenheim’s chief investment officer, Scott Minerd, predicts more sellouts for bitcoin. He also warned that it would take some time for the cryptocurrency to return to its previous highs. However, over the long term, Minerd predicts that the price of bitcoin could rise to $ 600K.
Bitcoin sales will continue, says Minard
Guggenheim Partners’ Chief Investment Officer (CIO) Scott Minerd predicts another slowdown for the price of bitcoin in the short term. Minerd is also the chairman of Guggenheim Investments, the global asset management and investment advisory division of Guggenheim Partners. Guggenheim Investments has approximately $ 270 billion in total assets under management in fixed income, equity and alternative strategies.
He told CNBC on Tuesday that bitcoin has not yet reached its lows, stressing that:
You can be patient here. There is more to go.
He explained that bitcoin has become “exponential” and it will take some time for the cryptocurrency to return to its previous highs. They believe that one obstacle for bitcoin will be that some investors are now taking away capital B T c In competitive cryptocurrency.
Also, “Any market that becomes exponential is automatically volatile. I just looked at it and realized that given the size of the move, which was essentially a frenzy or a bubble, traditionally you’d 50% to 75%, the fall coming from the top of the bubble, ”said the CIO.
Minard has been predicting a drop in the price of bitcoin for months. In April, he Warn A major improvement in cryptocurrency that can send its price up to 50% to $ 20K- $ 30K levels. They said B T c The price looked “very frothy” at the time. Soon after his prediction, the price of bitcoin dropped to the level of $ 30K.
However, over the long term, the CIO predicts that the price of bitcoin may reach $ 600K. “If you consider the supply of bitcoins, let’s say, for the supply of gold in the world … you would be talking about $ 400K to $ 600K per bitcoin,” he said said in February. “It’s a sign of what a reasonable price might be. That gives you plenty of space to run.” He eventually sees bitcoin and ether as “winners” in the cryptocurrency market.
What do you think of Guggenheim CIO Scott Minerd’s bitcoin prediction? Let us know in the comments section below.
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