Guggenheim investor with a forecast for the true bottom of Bitcoin

Prominent investor Scott Minerd told CNBC that the decline in bitcoin is not over yet and shared his forecast of where the “real bottom” in the price of cryptocurrency could be, adding that every “big” break in bitcoin is followed by correction of about 80%.

Earlier this year, the price of the digital currency more than doubled to reach a record high of about $ 65,000 in April. The cryptocurrency is currently trading at around $ 34,000 per share, which is more than 40% lower than this record level.

“The real bottom, when you look at the specifications, $ 10,000 would be the real bottom. You know, that’s probably a little extreme. So I would say $ 15,000. If it gets to $ 20,000, I wouldn’t rush to buy it, because when markets like this fall, it usually takes a few years of consolidation. So I don’t think people should rush to invest in bitcoin right now, “said Minerd, chief investment officer at Guggenheim Partners.

The decline in bitcoin is due to the fact that central banks have begun to reduce the amount they inject into the economy. He added that easing the money supply has not yet been done – which means that the cryptocurrency has more prospects of falling.

But Minerd said it remains bullish on bitcoins in the long run as more institutional money flows into the cryptocurrency. Until that happens, bitcoin remains a “highly volatile speculative asset.”

Earlier, the investor had shared his prediction that eventually bitcoin would reach $ 400,000 to $ 600,000 per unit.

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