Guggenheim CIO Scott Minerd has warned of a near-term “major correction” in bitcoin. Claiming that bitcoin is “very sparkling,” he predicts a 50% drop in the price of the cryptocurrency.
Scott Minerd’s final warning on Bitcoin
Guggenheim Partners Chief Investment Officer (CIO) Scott Minerd is back with another bearish prediction for the price of bitcoin.
Minerd is also President of Guggenheim Investments, the global asset management and investment advisory division of Guggenheim Partners. Guggenheim Investments manages approximately $ 270 billion in total assets under fixed income, equity and alternative strategies.
He said in an interview with CNBC on Wednesday that bitcoin had gone too far, too fast. The executive estimated:
Considering the massive move we’ve had in bitcoin in the near term, things are very foamy and I think we’re going to have a major bitcoin correction.
“I think we could go back to $ 20,000 to $ 30,000 on bitcoin, which would be a 50% drop, but the interesting thing about bitcoin is we’ve seen those kind of drops before,” a- he continued.
Nonetheless, Minerd noted that he believed the major price correction was part of “the normal course of what is a longer term bull market.”
Guggenheim’s CIO has maintained its long-term prediction that the price of bitcoin could reach $ 600,000. It first revealed its high BTC price prediction in December of last year. However, he then focused on short-term bearish trends. Earlier this month, he warned of a bitcoin pullback, noting that it would be a great entry point for long-term investors.
What do you think of Scott Minerd’s “major correction” warning regarding bitcoin? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, good or service mentioned in this article.