Once again, Scott Minerd is speculating the price of Bitcoin, this time claiming that the king crypto is not even close to the bottom of its failure pit yet. After the market collapsed, Guggenheim Chief Investment Officer Scott Minerd believes there is much more downside to crypto. He believes bitcoin’s price will drop to $8,000.
Bitcoin To Fall to $8000?
Guggenheim Investments’ chief investment officer, Scott Minerd, hasn’t shied away from making forecasts about bitcoin’s price during the last few years (BTC). Because of his high-profile status in traditional banking, his calls, which are usually made at interviews with commercial media sources like CNBC and Bloomberg, have generated news.
Minerd said that we are witnessing crypto collapse the way it is because of the recent market slump. He believes it has greater drawbacks. When asked just how much downside there is, he responded that when he considers bitcoin, which has had stronger technicals than anything else.
According to him, because $8,000 is the extreme bottom when you continually break below $30,000, Minerd feels we have a lot more downside space, particularly with the Fed remaining tight.
Not the First Time Minerd is Predicting BTC’s Price
Minerd predicted that bitcoin will be worth approximately $400,000. in December 2020. At the time, Bitcoin was valued at around $20,000. The largest cryptocurrency rose to little over $40,000 the next month.
Minerd predicted that BTC will drop below $15,000 in June 2021. The CEO projected Bitcoin’s price would fall to $20,000 in April of that year, when the currency was trading at $65,000, eventually rebounding to roughly $55,000.
Minerd announced his withdrawal from bitcoin in October 2021. Get out of the market if you don’t grasp what’s going on, Minerd said in an interview with CNBC, adding that his discipline now tells him he doesn’t completely get what’s going on. BTC was worth around $63,000 at the time.
In November 2021, Bitcoin reached a new all-time high of roughly $69,000 before falling over the next several months. It dropped to $32,950 in January.
If Minerd’s prediction comes true, bitcoin and the larger cryptocurrency market, which has lost about $500 billion in value in the last month, will face much more suffering.
Bitcoin has dropped by roughly 24% in the previous 30 days. For the eighth week in a row, Bitcoin’s weekly candle has closed in the red. The BTC Dread and Greed Index has remained at “extreme fear” due to the cryptocurrency’s price fall.