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.
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