The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Bitcoin’s Support Level Is Being Tested Hard, Says Guggenheim’s Scott Minerd – Here’s His New Crypto Forecast

by Daily Hodl Staff
July 23, 2021
in Bitcoin

The global chief investment officer of investment giant Guggenheim Partners Scott Minerd is warning that Bitcoin’s support level at just above $31,000 could crumble.

Speaking to Bloomberg, Minerd says Bitcoin’s slide to around $29,500 earlier this week might have been a “false breakdown,” and he sees the flagship cryptocurrency falling even further.

“The market had gone parabolic. There was a surge from $10,000 to over $60,000. We’ve pulled back here to the neighborhood of $31,000 today, give or take. And the support level is really being tested hard, and the breakdown, we got to about $29,500, could be a false breakdown. But I don’t think so. I think that there’s still more air to come out of this…

The standard bear market for Bitcoin has been an 80% retracement. And given all the uncertainty and the new competition from new coins and everything else, I think that there’s more downside to go.”

Minerd says that further declines in Bitcoin’s price will reduce investor enthusiasm in the asset class, which will present a potential buying opportunity.

“If we get another washout, the popularity of crypto is going to fade quite a bit among people who are so anxious to jump in right now. But again, that’s probably a good sign that it’s a buy.”

Minerd warns that Bitcoin’s dominance over the long term is under threat.

“There’s a real question here, though, about what is the winner in the crypto world? Obviously Ethereum, for a number of reasons, looks better long term as a viable crypto coin than Bitcoin…

I don’t think we’ve actually seen the coin or the cryptocurrency that is going to dominate the market… Just like we didn’t see Google well after Yahoo had already established itself as the dominant search engine.”

l

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
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/vvaldmann

Submit a Press Release

Industry Announcements

  • Narwhal Finance Secures $1 Million in Seed Funding Led by Animoca Ventures
    March 24, 2023
  • Sports Prediction App Pooky Launches Full Version of Its Play-and-Earn Game
    March 23, 2023
  • StormGain Launches StormGain DEX for User-Friendly Decentralized Crypto Trading
    March 23, 2023
  • KyberSwap Announces First-Ever ARB Token Liquidity Pools, Liquidity Mining and Trading Campaigns on Arbitrum
    March 22, 2023
  • Metacade Presale Hits Final Stage Before Listings, Raising Over $500,000 in Under 24 Hours
    March 22, 2023
  • Yesports Launches the Largest Esports Marketplace for Gaming Expansion Into Web3 Alongside 40+ Partners
    March 21, 2023
  • Metatime Raises $11M in Private Funding To Enhance Web 3.0 Ecosystem
    March 21, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,854.46
$27,854.46
0.53%
Ethereum
$1,768.65
$1,768.65
0.7%
Cardano
$0.356382
$0.356382
0.21%
XRP
$0.451032
$0.451032
2.69%
Dogecoin
$0.074737
$0.074737
0.44%

Spotlight

  • Massive Bullish Catalyst for Bitcoin Looming As Accumulation Spikes, Says Galaxy Digital – But There’s a Catch
    March 24, 2023
  • Ripple President ‘Very Hopeful’ of a Win in SEC Lawsuit Against XRP, Predicts When Ruling Is Likely To Be Ready
    March 24, 2023
  • Arbitrum (ARB) Daily Transactions Pump to All-Time High as Ethereum (ETH) Scaling Solution Launches Airdrop
    March 24, 2023
  • 56,006,787,000,000 Shiba Inu (SHIB) Worth Over $600,000,000 Now Held by Top Ethereum Addresses: WhaleStats
    March 24, 2023
NBX Warsaw Summit Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl