Guggenheim’s Scott Minerd Issues Bitcoin Price Warning, Predicts Top Crypto Facing Dramatic Decline

Guggenheim’s Scott Minerd Issues Bitcoin Price Warning, Predicts Top Crypto Facing Dramatic Decline


A Wall Street veteran is sounding the alarm over Bitcoin’s rapid rise, warning that the cryptocurrency could be in for a sizable plunge in the near future.

One week after Bitcoin set an all-time high of nearly $65,000, Scott Minerd, Chief Investment Officer at Guggenheim Partners, believes Bitcoin could be on the verge of losing more than half of its value.

“I think we could pull back to $20,000 to $30,000 on bitcoin, which would be a 50% decline, but the interesting thing about Bitcoin is we’ve seen these kinds of declines before,” Minerd says, speaking to CNBC’s Worldwide Exchange.

Trending: Trump Will Leave Mar-a-Lago for New Jersey, Making It New Focal Point for Republican Politics

Since April of last year, Bitcoin has rallied over 600% from around $7,000 to its $64,804 high. Bitcoin has also had dramatic drops throughout the same year, losing almost 15% in 24 hours as recently as late March and nearly 20% within the same period this past week as it dipped from its all-time high down to $52,829.

Minerd remains bullish

Continue reading

You Might Like

Do NOT follow this link or you will be banned from the site!
Thanks for sharing!
Send this to a friend