If present negative tendencies persist, Scott Minerd, the firm’s founding managing partner and chief investment officer (CIO), believes bitcoin (BTC) may trade as low as $8,000.
Minerd recently warned in an interview with CNBC Squawk Box that the top cryptocurrency might fall to $8,000 in the near future. He cautioned, though, that this could only happen if bitcoin’s price remains below $30,000.
When you continually break below $30,000, the ultimate bottom is $8,000, so I believe we have a lot more downside room, he added.
Bitcoin is now selling slightly around $29,000 at the time of writing. However, according to a new research, the cryptocurrency might conclude the week on an uptick.
Meanwhile, this isn’t the first time Minerd has predicted bitcoin’s price. In the previous two years, the Guggenheim’s founding partner has made many bullish and negative predictions.
He projected that BTC will exceed $600,000 in February of last year, when it was trading at $60,000. He has previously predicted that bitcoin will trade at $400,000.
Apart from his forecasts on bitcoin price swings, Minerd believes that the king coin would be one of the few cryptocurrencies to survive in a market flooded with others.
He did add, though, that the top digital asset has yet to come, and that neither Bitcoin nor Ethereum are the crypto market’s dominating players.
According to Minerd, crypto should be a store of wealth, a means of trade, and a unit of account. However, none of the existing cryptocurrencies, he claims, satisfy this need.
He believes that the dominating actors in crypto have yet to emerge. According to Minerd, none of these things (cryptocurrencies) pass, and they don’t even pass on a single basis.