Guggenheim CIO Scott Minerd Predicts BTC Can Crash to $8000 As it Fails to Hold $30,000. Despite a strong performance on Wall Street on Monday, Bitcoin (BTC), the world’s largest cryptocurrency, failed to hold the $30,000 mark. Bitcoin is currently trading 3.53 percent lower at $29,392.36 with a market cap of $559 billion as of press time. The price is now trading below the $30,000 level and the 100 hourly simple moving average.
Bitcoin was trading below the 50% Fib retracement level of the upward move from the swing low of $28,700 to the high of $30,630. On the hourly chart of the BTC/USD pair, there was also a break below a major bullish trend line with support near $29,800.
Guggenheim Chief Investment Officer Scott Minerd told CNBC on Monday, May 23, that the Bitcoin price could drop to $8,000 from here. This implies that a correction of more than 70% from current levels is possible. At the World Economic Forum in Davos, Switzerland, he spoke with CNBC.
Scott Minerd 2021 Bitcoin Prediction
Guggenheim CIO Predicts BTC Can Crash in 2021. Minerd predicted that BTC would hit $15,000 at the bottom of the sell-off last year, in July 2021. Later that year, however, Bitcoin soared to an all-time high of $69,000.
Guggenheim CIO Scott Miner said that most cryptocurrencies are junk when asked about the state of the broader crypto market. He continued, “I don’t think we’ve seen the dominant player in crypto yet.”
This month, the crypto market witnessed the major collapse of the Terra ecosystem in less than a week, wiping out more than $40 billion in investor wealth. Furthermore, several of the top ten cryptocurrencies have experienced a 50-60% correction this year alone. Apart from that DEI stable coin also crashed and lost its peg to the USD. Many exchanges delisted these stable coins causing massive distrust in stable coins.
Any currency, according to Minerd, must pass the test of being a medium of exchange, a store of value, or a unit of account. According to Minerd, neither of the cryptocurrencies exhibits these characteristics. “I don’t believe we’ve had the right crypto prototype yet.” “None of these things pass, even on a single basis,” he added.
Also Read: Terra (LUNA) Founder Do Kwon Facing South Korea Investigation Over Claims of Ponzi Fraud
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