Guggenheim Chief Investment Officer: Bitcoin to Drop to $20 – $30k Range
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Scott Minerd, the Chief Investment Officer at Guggenheim Partners, has made a gloomy prediction for Bitcoin (BTC).
Minerd also holds the title of chairman of Guggenheim Investments, the global asset management and investment advisory arm of Guggenheim Partners. Guggenheim Investments is responsible for over $270 billion in AUM scattered across fixed income, equity, and alternative strategies.
According to Minerd in a recent interview with CNBC, Bitcoin has “run too far, too fast.” The CIO noted that:
“Given the massive move we’ve had in Bitcoin over the short run, things are very frothy, and I think we’re going to have a major correction in Bitcoin.”
“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.”
However, the executive added that he believes the price correction is a part of “the normal evolution in what is a longer-term bull market.”
Meanwhile, Minerd reaffirmed that Bitcoin could reach his long-term prediction of $600,000. He has maintained this long-term bullish stance since December 2020, despite being known for his bearish short-term predictions. Earlier this month, the CIO advised that a pullback was imminent and that it would be a great buy opportunity for long-term investors.
Key BTC Levels to Watch — April 22
Bitcoin has failed to capitalize on its recent rebound from the $53,500 level but has continued on its bearish march. The benchmark cryptocurrency is currently trading along a descending tripwire, which is driving the price towards the $50k area.
That said, we could see a bearish continuation over the coming hours as trading volume thins out.
Meanwhile, our resistance levels are at $55,000, $56,000, and $56,700, and our key support levels are at $53,400, $52,500, and $51,400.
Total Market Capitalization: $2.02 trillion
Bitcoin Market Capitalization: $1trillion
Bitcoin Dominance: 50.1%
Market Rank: #1
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