Guggenheim CIO Scott Minerd says bitcoin could fall to $15K

Scott Minerd, the Chief Investment Officer of asset management company Guggenheim, comes up with another bearish prediction for the leading cryptocurrency, forecasting where its bottom would be.

Minerd, also the chairman of Guggenheim Investments, the global asset management and investment advisory division of his mother company, claims he knows where the real bottom of bitcoin’s price is and warns the leading cryptocurrency could fall to the $15,000 level.

In an interview with CNBC last Friday, he said, “The real bottom, when you look at the technicals, $10,000 would be the real bottom. You know, that’s probably a little extreme, so I would say $15,000.”

A follow up for another bearish call

The CIO’s prediction came just a few days after he wrote on his Twitter account, “Look for more declines in crypto as bitcoin breaks through support. Next likely support level is $20,000.”

During the interview, Minerd explained that while the bitcoin price made some sort of rally, it has been supported by significant “central bank liquidity” and as soon as this fades, bitcoin’s price will once again fall.

Last week, the top cryptocurrency’s price dipped below the $30K mark. At press time, according to tracking from CoinGecko, bitcoin is changing hands at $33,025.

Minerd’s piece of advice

In light of this, the Guggenheim CIO gave his own piece of advice for people who are into bitcoin investing.

He said these people should be in a hurry to jump back into bitcoin at $20,000. He notes that the cryptocurrency will consolidate sideways for a couple of years before it moves higher.

“I don’t think people need to be anxious to be putting money in bitcoin right now,” Minerd said.

In recent times, the asset management company specialist has made several bearish predictions about bitcoin, warning of a massive sell-off last May and alerting investors of a major bitcoin correction back in April.

 

Image courtesy of Cointelegraph News/YouTube

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