Chief investment officer and founder of Guggenheim Partners Scott Minerd, who notably called Bitcoin’s 50% collapse, suggests that the Bitcoin correction might not be over.
In a recent CNBC interview, Minerd reflects on his initial prediction, saying that he thought a pullback was likely, given the crypto market’s parabolic rise over the past year.
“Bitcoin and other cryptocurrencies had plainly just gone parabolic, and parabolic markets are impossible to sustain. So a normal correction, or sell-off, would be 40-50%.”
Although Minerd’s prediction was correct, he believes the top crypto asset’s quick fall indicates that Bitcoin is still at risk of dropping another leg, despite falling over 50% from its all-time high of nearly $65,000.
“But when we look at the history of crypto, and we look at where we are, I mean, I really do believe this is probably a crash. And, you know, a crash would mean we would be down 70% to 80%, which, let’s just say, that’s between $10,000 and $15,000.”
A drop to the $10,000-to-$15,000 range would entail another 55%-70% correction from Bitcoin’s current price of $33,500.
In April, the CIO accurately predicted that Bitcoin would drop 50%. Despite the bearish sentiment in the crypto markets, however, Minerd remains a long-term bull, forecasting a $400,000 to $600,000 price tag for Bitcoin in the future.
l
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxFollow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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.
Featured Image: Shutterstock/tykcartoon
