Bitcoin could pull back to $20.000 before reaching to $600.000 says CIO of Guggenheim

Sunday’s bitcoin price fall could only be the beginning of a huge correction that could push the digital currency to $20.000, said Scott Minerd, Chief Investment Officer (CIO) of Guggenheim Partners. However, Minerd is optimistic about his long-term future, considering a possible price of up to $600.000 for the coming years.


As bitcoin hit an all-time high of $65.000 last week, the digital currency began to decline. The situation intensified over the weekend and in a few hours, BTC fell to a three-week low of $51.500.


Although its price has recovered by a few thousand dollars, bitcoin is still “suffering” and holds resistance at $60.000. Scott Minerd, referred to this decline in the price of bitcoin during a recent interview with CNBC.


“Given the huge movement we have had in bitcoin in the short term, things are very bloated and I think we will have a major correction in bitcoin.”


The executive went even further and gave us a more specific goal – he noted that bitcoin could fall more than 50% from its current position and reach the 2017 record, i.e. about $20.000.


Although such a significant drop in price would be catastrophic for cryptocurrency, Minerd described it as part of “normal development in a long-term uptrend“.


We should not miss the fact that Minerd has made such pessimistic predictions in the past. In January, when bitcoin hit a record high of $42.000, it had predicted a drop to $20.000.


But apart from their short-term forecasts, Minerd and Guggenheim Partners are extremely optimistic in the long run.


He made some shocking comments, showing that his company expects bitcoin to reach $400.000 or even $600.000!


In such a case, the capitalisation of the cryptocurrency would exceed $11 trillion. It would be five times bigger than Apple, for example.