TL;DR Breakdown
- Analyst predicts BTC to return to $20,000-30,000 region.
- Minerd has a conflicting BTC price prediction.
Scott Minerd, Guggenheim Global Chief Investment Officer, has said that Bitcoin price, despite trying to break the $60,000 resistance level, could plunge back to around $20,000. He made this prediction in an interview on CNN. The crypto tycoon said BTC has been caught in a speculative bubble as he compared the crypto with Gamestop and other Yolo stocks.
“When we get a risk-off moment, we could be seeing $BTC pullback to $20-30k. But I think for long-term investors, that will be a great entry point,” he said.
It is worthy to note that Bitcoin’s lowest price since March currently stands at $55,600. The number one cryptocurrency has not pulled below $50,000 in the last month.
Minerd conflicting Bitcoin price prediction in December
Previously, Minerd predicted that Bitcoin price would surge as high as $400,000, only for him to turn bearish on the cryptocurrency again in December.
His previous bullish prediction led to wild jubilation, and when he turned bearish on the coin again, he warned investors about the crypto creating tension in the air. People believed he changed his opinion on Bitcoin price so that Guggenheim could buy it cheaper.
When asked about the uber-bullish prediction in the interview with Chatterley, Minerd said that the bellwether crypto could reach such a target over a period that stretches from “10 to 20 years.”
Bitcoin Price analysis
Bears have had control of the crypto market during the week as markets are red across the board. Bitcoin’s price dipped to $55,600, causing a severe number of liquidated long positions.
Bitcoin’s price took a turn for the worst today and declined from an intraday high of around $58,600 to a low of $55,600, losing $3,000 in value. At the time of writing, the price hovers indecisively around $56,000.
The entire cryptocurrency market followed BTC’s near 10% daily decrease. Ethereum plunged to $1,930, down 8% in 24 hours.
