Guggenheim Partners: Bitcoin price to retreat to $20,000

Guggenheim Partners’ investment chief Scott Minerd said Bitcoin has already reached the peak of its market value this year. He expects the price of the first cryptocurrency to fall to $20 000.

«I think for the time being, we probably put in the top for bitcoin for the next year or so,» says @ScottMinerd. «And we’re likely to see a full retracement back toward the 20,000 level.» pic.twitter.com/0mUnkOSyW9

— CNBC’s Closing Bell (@CNBCClosingBell) January 20, 2021

Last week Minerd confirmed his forecast for Bitcoin to rise to $400 000, but expressed concerns about near-term prospects for the crypto market.

«I think for the time being, we have probably put in the top for Bitcoin for the next year or so. We’re likely to see a full retracement back toward the $20 000 level,» said the investment director of Guggenheim Partners.

In response, analyst Alex Krüger accused Scott Minerd of trying to push Bitcoin’s price lower with his remarks. The trader believes that Guggenheim Partners want to buy the first cryptocurrency cheaper in February, when the US Securities and Exchange Commission approves their application to invest about $500 million in the Grayscale Bitcoin Trust.

Here’s @ScottMinerd who insists in trying to talk $BTC down so he may buy lower in February, when his SEC approval becomes effective.

Minerd, rather unintelligently, told the world he thought #Bitcoin should be worth $400K before he could buy in full. https://t.co/5QPPiCijVP

— Alex Krüger (@krugermacro) January 20, 2021

«Майнерд необдуманно заявил миру, что биткоин должен стоить $400 000, прежде чем сам успел закупиться на полную», — добавил Крюгер.

По словам аналитика, институционалы пытаются убедить рынок продавать цифровое золото, которое сами еще не покупали.

Earlier, Pantera Capital’s Dan Morehead forecast Bitcoin rising to $115 000.

Earlier, ‘Bond King’ Jeffrey Gundlach said that Bitcoin has entered a bubble zone.

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