Guggenheim Partners’ chief investment officer Scott Minerd said in an interview CNBC that Bitcoin would fall to $10,000.
According to him, there are currently no reasons for investors to buy digital gold.
“If you look at the history of cryptocurrencies and assess the current position, I truly believe this is a crash. A crash means a drop of 70-80%, corresponding to levels of $10,000–$15,000,” Minerd explained.
He added that he wouldn’t rush to buy Bitcoin and ‘doesn’t see any reason’ to hold it right now.
“If you plan to speculate, speculate that it will drop further,” the investment director stressed.
In December 2020, Guggenheim Partners predicted Bitcoin’s price to rise to $400,000. In January 2021, Minerd confirmed the forecast, but urged to lock in some profits.
In February he predicted Bitcoin’s price to rise to $600 000.
At the end of April, Minerd warned of a possible correction for Bitcoin to $20,000, and in May called digital assets a bubble amid the market rout.
As of writing, Bitcoin is trading at about $33,800, according to CoinGecko. The asset’s market capitalization is $633 billion.
In late June, Minerd warned of a possible correction for Bitcoin to $15,000.
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