Asset manager Guggenheim has lowered its prediction of Bitcoin’s bottom price as it believes the leading cryptocurrency could drop to the $10k level.
Guggenheim’s Chief Investment Officer (CIO) Scott Minerd has predicted that the leading cryptocurrency could drop to the $10k level as the bearish cycle in the market continues. He stated that he previously thought Bitcoin’s price wouldn’t drop to the $10k region. However, recent market performance has convinced him otherwise.
Minerd, who also serves as the chairman of Guggenheim Investments, said $10k is possible considering Bitcoin’s history and the current market circumstances. In an interview late last week, Minerd said, “I really do believe this is probably a crash. And, you know, a crash would mean we’d be down 70%-80%, which, let’s just say that’s between $10,000 and $15,000.”
The Guggenheim CIO previously said Bitcoin’s bottom price would be somewhere around $15k, adding that $10k seems a little bit extreme. Despite his prediction, Bitcoin has held on to the $30k region for the past few weeks.
The leading cryptocurrency has been unable to mount a challenge past the $40k mark, with its price down by nearly 50% from its all-time high of roughly $65,000. However, the market has also defended the $30k support level for the past few weeks. At the time of this writing, BTC is trading above $34,000 per coin.
Minerd said he doesn’t see the need to buy bitcoins right now. “Put it this way, I wouldn’t be in a hurry to buy bitcoin, and I don’t see any reason to own it right now. If you’re going to be a speculator, speculate that it’s heading lower,” the CIO said.
The leading cryptocurrency has always split opinion amongst traditional financial institutions. However, Bitcoin has a history of coming back stronger after every bear cycle, and cryptocurrency enthusiasts are confident the same would be the case this time around.