President Guggenheim believes Bitcoin could fall to $ 15,000

Jul 23, 2021

Chairman Guggenheim, Bergmann, BTC, Bitcoin,

Guggenheim President Scott Minerd believes Bitcoin could fall to $ 15,000 after efficiently predicting a 50% decline in May, as we noticed right here on our BTC information.

Chairman Guggenheim believes there’s nonetheless loads of air to exit the Bitcoin market and that the principle asset could plunge to $ 15,000. Scott Minerd, chief funding officer of large Guggenheim Investments, says the continued decline within the market is much from over as BTC could nonetheless drop to new lows:

“I feel there’s nonetheless loads of air to get out of right here, and in the end I feel we’re going to obtain one thing within the $ 15,000 area.

He identified that the usual bear market for BTC has seen an 80% retracement, and with all of the uncertainty, new competitors from new cash and every little thing else, there will probably be adjustments that can trigger additional devastating drawbacks. Additionally, regardless of Bitcoin’s current parabolic price spike, the coin has declined from $ 10,000 to $ 60,000 to $ 31,000, marking the 50% decline that Minerd predicted just a few weeks earlier. The CIO argues that BTC has gone “too far, too fast” and that its price will drop within the brief time period:

“I think we could go back to $ 20,000-30,000 for Bitcoin, which would be a 50% drop, but the interesting thing about Bitcoin is that we’ve seen these kinds of drops before.”

He additionally stated that in a long-term bull market, the decline could be a traditional occasion:

“The crash we had was about $ 29,500, it could be a fake, but I don’t think so,” he added. “When do you buy? Well I don’t think so soon. But I will make this decision based on future price developments. “

It can be attention-grabbing {that a} yr in the past he caught the market’s consideration when he stated that BTC ought to be price $ 400,000. As lately reported, Guggenheim Partner is likely one of the largest fund managers on the planet with $ 270 billion in shopper belongings underneath administration, and Guggenheim is at present searching for new filings with BTC underneath the U.S. Securities and Exchange Commission’s new fund. The fund, often known as the Guggenheim Active Allocation Fund, will spend money on cryptocurrencies as half of a bigger portfolio of conventional and different belongings and use quantitative and qualitative evaluation to determine securities with comparatively engaging worth and danger and return traits.

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