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The Daily Hodl
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Bitcoin Pullback To $20,000 Possible, BTC in Speculative Bubble: Guggenheim CIO Scott Minerd

by Daily Hodl Staff
April 13, 2021
in Bitcoin

The CIO of investment firm Guggenheim warns that Bitcoin (BTC) is in a speculative bubble and that a massive pullback may be on the horizon. 

In a new CNN interview, Minerd says that the flagship cryptocurrency is surging too fast and that a deep pullback to the previous bull market’s high is not out of the question. 

“When I made the $400,000 statement, I’m looking at it over a period of 10 to 20 years. Of course, the market took off. 

I first started looking at buying Bitcoin at $10,000. Today, I don’t know where we are anymore. It’s become so rich, so fast, maybe around $50,000, but it clearly has gotten caught up in the speculative bubble that Gamestop (GME) got into and a number of these other stocks. When we get a risk-off moment, we could be seeing Bitcoin pull back to somewhere between $20,000 and $30,000…

Parabolic markets aren’t sustainable, and that’s one of the reasons why I think Bitcoin has gotten a little bit ahead of itself in its long-term trend.”

While Minerd has taken a bearish stance on the largest crypto asset, he offers a consolation for those who are waiting to jump on the Bitcoin bandwagon. 

“I think for long-term investors, that’ll be a great entry point.”

In February, Scott Minerd said the price of Bitcoin could surge as much as 10x from its current value of around $60,000. 

“If you consider the supply of Bitcoin relative … to the supply of gold in the world, and what the total value of gold is, if Bitcoin were to go to those kinds of numbers, you’d be talking about $400,000 to $600,000 per Bitcoin.”

I

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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