HomeCryptoAfter Predicting $400K Bitcoin, Guggenheim Now Sees a Crash to $8K |...

After Predicting $400K Bitcoin, Guggenheim Now Sees a Crash to $8K | NEWSRUX

With the worth of bitcoin at present beneath $30,000, Scott Minerd, the chief funding officer of worldwide funding large Guggenheim Companions, believes BTC’s worth may additional dip to $8,000.

Bitcoin Value Might Backside at $8,000

Minerd made the bearish prediction on Monday (Could 23, 2022), throughout an interview on CNBC’s Squawk Field on the World Financial Discussion board (WEF) annual assembly in Davos, Switzerland.

In line with the Guggenheim govt, bitcoin’s fixed slip beneath the $30,000 degree may trigger the cryptocurrency to fall to $8,000, which alerts a fall of greater than 70%. Minerd stated:

“While you break beneath 30,000 [dollars] constantly, 8,000 [dollars] is the last word backside, so I feel now we have much more room to the draw back, particularly with the Fed being restrictive”.

In line with a latest report by CryptoPotato, bitcoin has continued to shut the weekly candle in purple for eight consecutive weeks. The cryptocurrency’s worth decline has led to the BTC Concern and Greed Index to stay at “excessive worry.”

In the meantime, this isn’t the primary time the Guggenheim CIO has predicted bitcoin’s worth dip. Again in July 2021, Minerd stated that BTC may plunge to $15,000. In April of the identical 12 months, the chief predicted bitcoin’s worth may right to $20,000, on the time when the asset was at $65,000, earlier than retracing to round $55,000.

Nevertheless, Minerd earlier made bullish predictions stating that bitcoin may attain between $400,000 and $600,000. It’s price noting that he has seen little-to-no success together with his earlier forecasts.

MicroStrategy CEO and founder Michael Saylor, alternatively, continues to make daring predictions for bitcoin regardless of the crypto worth descent. In line with Saylor, who has remained unfazed within the ongoing cryptocurrency market massacre, he expects BTC to “go into the hundreds of thousands.”

No Dominant Participant in Crypto But

Regardless of the Guggenheim CIO’s latest bearish BTC worth prediction, the chief stated that solely bitcoin and ethereum, two of the most important cryptocurrencies by market capitalization, will survive long run. Minerd famous that the majority crypto belongings are “junk” fairly than currencies.

Even with BTC and ETH dominating the market, the CIO believes that crypto is but to have a dominant participant. Minerd went on so as to add that there is no such thing as a “proper prototype but for crypto.”

In line with the chief, the perfect cryptocurrency will must be a medium of change, a retailer of worth, and a unit of account. Nevertheless, Minerd believes many of the current crypto tokens fail to cross any of the factors.

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