Bitcoin Could Fall As Low As $20,000, According To Guggenheim's CIO
Scott Minerd — the chief investment officer at Guggenheim Partners, a financial services firm managing over $310 billion — believes that Bitcoin (CRYPTO: BTC) could soon see a significant downwards movement.
What Happened: Minerd explained on CNBC today that because of the “massive move” that Bitcoin experienced in the short term, “things are very frothy,” and he expects a major correction to hit it soon.
See also: How to Buy Bitcoin (BTC)
What Else: According to Minerd, Bitcoin "could pull back to $20,000 to $30,000, which would be a 50% decline," a decline on scales that Bitcoin traders have experienced before.
Still, he is bullish on Bitcoin and believes that such corrections are "the normal evolution in what is a longer-term bull market" before the coin reaches between $400,000 to $600,000.
Guggenheim Partner's chief investment officer have previously put a target of $400,000 for Bitcoin at the end of 2020.
At the time, he explained that Bitcoin’s scarcity combined with “rampant money printing” by the Federal Reserve would result in such aggressive growth.
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