Scott Minerd, chairman and chief investment officer of asset management giant Guggenheim Investments, said the crypto market’s ongoing slump is still far from over as Bitcoin could slide as low as $15,000.
“I think that there is still more air to come out of this, and ultimately, I think something in the neighborhood of $15,000 is where we’re going to end up,” Minerd said in an interview with Bloomberg today.
"There's still more air to come out of this."— Bloomberg TV (@BloombergTV) July 22, 2021
Guggenheim's Scott Minerd says Bitcoin could drop to $15,000 https://t.co/JbGop61Sdg pic.twitter.com/bfjTKTMk8W
He also pointed out that the standard bear market for Bitcoin has been an 80% retracement, and “given all the uncertainty, new competition from new coins and everything else, there is more downside to go.”
The higher they surge…
Further, despite Bitcoin’s recent parabolic price surge from $10,000 to over $60,000 earlier this year, the coin has pulled back to around $31,000 since mid-May—a 50% decline which Minerd actually predicted just a couple of weeks prior.
Guggenheim CIO argued that Bitcoin has run “too far, too fast” and its price was about to decline in the short term.
“I think we could pull back to $20,000 to $30,000 on Bitcoin, which would be a 50% decline, but the interesting thing about Bitcoin is we’ve seen these kinds of declines before,” Minerd said at the time, adding that the decline would be “the normal evolution in what is a longer-term bull market.”
Speaking about today’s crypto market, Minerd noted that Bitcoin’s support level at around $30,000 is “being tested hard.”
“The breakdown we got to about $29,500, it could be a false breakdown, but I don’t think so,” he added. “When do you buy? Well, I don’t think any time soon. But I would make that decision based upon price action in the future.”
"Our fundamental work shows that Bitcoin should be worth about $400,000," says Guggenheim's Scott Minerd https://t.co/9QyOWyYAVA pic.twitter.com/uojQqaKPia— Bloomberg TV (@BloombergTV) December 16, 2020
Interestingly, Minerd also drew the crypto sphere’s attention last December when he opined that “Bitcoin should be worth about $400,000.”