The company's CIO has had little success with his previous BTC predictions, but the latest one sees the asset falling another 70%.
The company’s CIO has had little success with his previous BTC predictions, but the latest one sees the asset falling another 70%.
With the price of bitcoin currently below $30,000, Scott Minerd, the chief investment officer of global investment giant Guggenheim Partners, believes BTC’s value could further dip to $8,000.Minerd made the bearish prediction on Monday , during an interview onAccording to the Guggenheim executive, bitcoin’s constant slip below the $30,000 level could cause the cryptocurrency to fall to $8,000, which signals a fall of more than 70%.
“When you break below 30,000 [dollars] consistently, 8,000 [dollars] is the ultimate bottom, so I think we have a lot more room to the downside, especially with the Fed being restrictive”., bitcoin has continued to close the weekly candle in red for eight consecutive weeks. The cryptocurrency’s price decline has led to the BTC Fear and Greed Index to remain at “extreme fear.”
Meanwhile, this is not the first time the Guggenheim CIO has predicted bitcoin’s price dip. Back in July 2021, Minerd said that BTC could