“Bitcoin could adjust up to $ 20,000” asset management giant CIO feels critical
Scott Minerd, CIO of asset management giant Guggenheim Partners, predicted that Bitcoin’s fall on Sunday heralded a further decline.
The fall could just be the beginning of a major adjustment to bring Bitcoin down to $ 20,000, he said.
However, he remains bullish on the long-term potential of cryptocurrencies, suggesting that they could reach up to $ 600,000 in the next few years.
Bitcoin plunged from $ 62,520 to $ 53,375 over the weekend, Scott Minerd said in an interview with CNBC.
Given that Bitcoin has moved a lot in the short term, things are very bubbling and I think Bitcoin will make big adjustments.
He added that Bitcoin could fall by more than 50% from its current position to try around $ 20,000. But at the same time, it acknowledges that this possible decline is “part of a normal evolution in the long-term bull market.”