Guggenheim’s chief investment officer Scott Minerd has forecast another Bitcoin sell-off. He also warned that it will take a while for the cryptocurrency to return to its previous highs. In the long run, however, Minerd has predicted that Bitcoin price could soar to $ 600,000.
Bitcoin sell-off is set to continue, says Minerd
The Chief Investment Officer (CIO) of Guggenheim Partners, Scott Minerd, issued another bearish forecast for the Bitcoin price at short notice. Minerd is also chairman of Guggenheim Investments, the global asset management and investment advisory division of Guggenheim Partners. Guggenheim Investments has total assets under management of approximately $ 270 billion in fixed income, equity and alternative strategies.
He told CNBC on Tuesday that Bitcoin has not yet bottomed out, stressing:
You can afford to be patient here. There is still more to be done.
He stated that Bitcoin has become “exponential” and that it will take some time for the cryptocurrency to return to its previous highs. He believes that one obstacle to Bitcoin will be some investors now shifting capital from BTC to competing cryptocurrencies.
In addition, “any market that becomes exponential is automatically unsustainable. I just looked at it and found that given the size of the pull, which was essentially a mania or a bladder, it traditionally hits 50% to 75% and the regression decreases from the top of the bladder, ” said the CIO.
Minerd has been forecasting a decline in Bitcoin price for months. In April, he warned of a major correction in the cryptocurrency that could bring the price down 50% to the $ 20,000-30,000 level. He said the BTC price at the time looked “very frothy”. Soon after his prediction, the price of Bitcoin fell to the $ 30,000 level.
However, in the long run, the CIO has predicted that the price of Bitcoin could reach $ 600,000. “When you look at the supply of bitcoin relative to the world’s gold supply, you are talking about $ 400,000 to $ 600,000 per bitcoin,” he said in February. “That is an indication of what might be fair value. That gives you a lot of space to run. “He ultimately 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 below.
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