The investment director of Guggenheim Partners, Scott Minerd, sees near-term downside risks for Bitcoin. In his view, part of the position should be sold.
Bitcoin’s parabolic rise is unsustainable in the near term. Vulnerable to a setback. The target technical upside of $35,000 has been exceeded. Time to take some money off the table.
— Scott Minerd (@ScottMinerd) January 11, 2021
“The parabolic growth of Bitcoin is unsustainable in the near term. There is a risk of a pullback. The technical upside to $35,000 has been exceeded. Time to take some money off the table,” Minerd wrote.
Earlier, on December 17, the Guggenheim Partners investment director forecast Bitcoin’s rise to $400,000. Minerd called the first cryptocurrency “extremely undervalued” at around $20,000.
Earlier, the ‘bond king’ Jeffrey Gundlach said that Bitcoin has entered bubble territory.
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