344
131 shares, 344 points

Scott Minerd, the founder of Guggenheim Partners, states that a $600,000 Bitcoin (BTC) is still in kardollarsar. He said, however, that investors may need to prepare for further declines before BTC starts to rise again.

(mtag101702)

Direction forecast for Bitcoin

(mtag101702)

In an interview with CNBC, Minerd discusses the probability of Bitcoin losing more than 50% based on its historical price action. While presenting his view, Minerd said, “After every big rise in Bitcoin, there has been a collapse of about 80%. Now, if there were such a pullback it would make a lot of sense in many ways because such a price reduction would bring us back to the $15,000 region. I said something between $20,000 and $30,000. The real bottom is $10,000 when you look at the techniques and you know it’s extreme. I’d say $15,000 for the next one. If it reached 20,000, I wouldn’t rush to buy it because once such markets run out, it usually takes several years of consolidation. ” he emphasizes.

(mtag101702)

While Minerd is poised for a sharper drop for its flagship cryptocurrency, if Bitcoin ever becomes an asset on par with gold, it’s 1% of its current value of around $34,000. It continues to rise in the long term, stating that it will have an upside potential above 660. Describing this phase, Minerd said, “Our research acts as a store of value. This is a controversial point. If you compare it to gold, it shows you’ll be somewhere between $400,000 and $600,000. ” says.

(mtag101702)

BTC is not at the stage to be adopted by major financial institutions for now

(mtag101702)

For now, Minerd says Bitcoin is not big enough to be adopted by some of the biggest financial institutions in the world. Emphasizing that “sovereign wealth funds cannot find cryptocurrencies mature enough to be an asset class,” Minerd states that BTC will therefore continue to be a highly volatile speculative asset without large capital flows from the institutional sector. Stating that volatility scares institutional money, Minerd states that therefore investors are willing to speculate.

(mtag101702)

Cryptocoin. com

As I mentioned , Minerd states that if Bitcoin convincingly loses the $30,000 area, the next level of support won’t be until $20,000.

(mtag101702)

Disclaimer: Cryptocoin. The articles and articles on com do not constitute investment advice. Cryptocoin. com does not recommend buying or selling any cryptocurrencies or digital assets or Cryptocoins. com is not an investment advisor. Hence Cryptocoin. com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.

(mtag101702)

Warning: Cryptocoin. Citing the news content of com and quoting by giving a link Cryptokoin. com’s permission. No content on the site can be copied, reproduced or published on any platform without permission. Cryptocoin. Legal action will be taken against those who use code, design, text, graphics and all other content of com in violation of intellectual property law and relevant legislation. .

(mtag101702)


Like it? Share with your friends!

344
131 shares, 344 points

What's Your Reaction?

hate hate
858
hate
confused confused
368
confused
fail fail
1226
fail
fun fun
1104
fun
geeky geeky
981
geeky
love love
613
love
lol lol
736
lol
omg omg
368
omg
win win
1226
win

0 Comments

Your email address will not be published. Required fields are marked *