Veteran CIO Suggests Bitcoin Could Drop $ 20,000

Scott Minerd warned investors.

🔥Scott Minerd, chief investment officer of investment giant #Guggenheim, suggested that the leading cryptocurrency #Bitcoin could drop up to $ 20,000 in the short term. The popular name warned investors against a major price correction.

🔥BTC on the Verge of a Major Withdrawal, According to Scott Minerd
In an interview with #CNBC, the veteran manager once again warned investors that the leading cryptocurrency Bitcoin could drop to $ 20,000 in the event of a pullback. Speaking about a possible #Bitcoin fix, Minerd said: “When you consider the withdrawal last Sunday, things are getting more complicated and I think Bitcoin could be on the verge of a major correction.

Bitcoin, the leading cryptocurrency, has recently lost 15% in value, falling to $ 51,000. BTC is taking a fluctuating course as it tries to build a strong support level at $ 55,000. However, Bitcoin is trading at $ 56,000 at the time of our news.

The veteran said a few months ago that there will be a major price correction in Bitcoin. However, while Minerd reminded that this price action is perfectly normal and part of the market cycle, Bitcoin recorded a long-term forecast of $ 400,000. Minerd quoted BTC price expectations in a possible bearish scenario: “I think Bitcoin will retreat to the $ 20,000 to $ 30,000 price band. This means a 50% loss in value. However, I have to remind you that we have seen such drops before. “

🔥Not Alone In Minerd Claims
Minerd, who has been on the agenda with BTC price announcements in the past, is not alone in his short-term forecast. According to recent media coverage, #JP #Morgan strategist Nikolaos Panigirtzoglou is also expecting a major retreat in BTC.

However, while Bitcoin supporters reacted strongly to Minerd, they rejected the inevitable idea of ​​the decline. He also argued that many factors favor Bitcoin, including on-chain indicators and its current momentum.