Monday, May 10, 2021

Guggenheim CIO expects Bitcoin to drop to $20,000

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A senior govt at monetary companies agency Guggenheim Companions — which is planning to seek investment exposure to Bitcoin (BTC) — has argued that BTC is poised to drop to $20,000.

Scott Minerd, Guggenheim’s chief funding officer, believes that Bitcoin is not going to hit one other all-time excessive in 2021, in response to a Jan. 21 episode of CNBC’s Closing Bell.

After hitting $42,000 price level on Jan. 8, Bitcoin is unlikely to climb any increased till 2022, Minerd said:

“I believe in the interim, we in all probability put within the high for bitcoin for the following 12 months or so. And we’re more likely to see a full retracement again towards the 20,000 degree.”

Regardless of Minerd’s bearish short-term Bitcoin prediction, the CIO apparently nonetheless maintains a stance that one bitcoin might be price as a lot as $400,000 someday. In late 2020, when Bitcoin was on its option to cross its new ATHs, the CIO called for a $400,000 long-term price target for Bitcoin. He subsequently went bearish on BTC in the short term, claiming that “Bitcoin’s parabolic rise is unsustainable within the close to time period” on Jan. 10.

Some within the crypto group have gotten combined alerts from Minerd’s various predictions. One Twitter consumer juxtaposed two separate headlines with Minerd’s feedback on the Bitcoin value:

Guggenheim Companions moved into the crypto trade in late 2020 after the corporate filed an utility with america Securities and Alternate Fee to “search funding publicity to Bitcoin by means of Grayscale’s Bitcoin Trust product.

Minerd’s bearish Bitcoin prediction comes amid another negative Bitcoin correction, with BTC dipping under $34,000 on Jan. 20. As Cointelegraph reported, the promoting strain on Bitcoin mostly came from Asia within the first two weeks of January, whereas america market additionally began to see weak spot amid a correction on Jan. 19.

At publishing time, Bitcoin is buying and selling at $32,997, down over 5% over the previous seven days however nonetheless up about 45% over the previous 30 days, in response to Cointelegraph’s Bitcoin value index.