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Guggenheim CIO Predicts Bitcoin’s ‘Real Bottom’, BTC Price Could Drop to $15,000 – Markets and Prices Bitcoin News #cryptocurrency #bitcoin #crypto #blockchain

Scott Minrad, chief investment officer at asset management firm Guggenheim, thinks he knows where the true bottom of the bitcoin price lies. He warned that the price of the cryptocurrency could drop towards the $15K level.

Guggenheim’s Scott Minrad Sees Bitcoin Down

Scott Minerd, Chief Investment Officer (CIO) of Guggenheim Partners, is back with another bearish prediction for bitcoin and has predicted where the “real bottom” of the bitcoin price lies.

Minrad is also the president of Guggenheim Investments, the global asset management and investment advisory division of Guggenheim Partners. Guggenheim Investments has approximately $270 billion in total assets under management in fixed income, equities and alternative strategies.

He said in an interview with CNBC on Friday:

The actual bottom, when you look at the technicals, is $10,000 would be the actual bottom. You know, it’s probably a little extreme, so I’d say $15,000.

The prediction follows his comment on Twitter on Tuesday when he wrote: “As bitcoin breaks through support, look for further downside in crypto. The next potential support level is $20,000.”

Minrad reported on Friday that the recent BTC price rally has been supported by significant “central bank liquidity”. He cautioned that the price of bitcoin will fall as liquidity decreases.

Bitcoin price fell below the $30K level last week. At the time of writing, BTC stands at $31,583 based on data from Bitcoin.com Markets.

The Guggenheim CIO advised that he “wouldn’t be in a hurry” to jump back to $20,000 in bitcoin, noting that the cryptocurrency should consolidate sideways for a few years before it moves further. They said:

I don’t think people need to be worried about investing money in bitcoin right now.

Minerd has made several bearish predictions regarding the price of bitcoin in the near term. In May, Minerd warned of a massive selloff in bitcoin, after alerting investors to a major BTC correction in April.

Despite its short-term bearish forecast, Minerd remains bullish on bitcoin in the long term, believing that the cryptocurrency could reach $600,000 in price. “We do a lot of fundamental research. If you consider the supply of bitcoin relative to the supply of gold in the world… if bitcoin were to go into that type of number. You are talking about $400K to $600K per bitcoin. Must have been,” the CIO described.

What do you think about Scott Minrad’s bitcoin price prediction? Let us know in the comments section below.

image credit: Shutterstock, Pixabay, WikiCommons

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