The chief funding officer of funding large Guggenheim has repeated his warning that Bitcoin (BTC) will crash to $20,000.
In an interview with CNBC on April 20, Scott Minerd warned once more that Bitcoin may lose half of its worth in a pullback.
Acquainted Bitcoin bear goal resurfaces
“Given the large transfer we’ve had in Bitcoin over the brief run, issues are very frothy, and I believe we’re going to need to have a significant correction in Bitcoin,” Minerd advised the community.
Bitcoin lingered close to $55,000 on April 21, having bounced off $52,000 within the newest pullback of its 2021 bull market.
For Minerd, who final claimed in January that BTC/USD would return to $20,000, such an occasion would type a part of a traditional market cycle’s ups and downs. His longer-term forecast of $400,000 per Bitcoin nonetheless stands, he stated.
“I believe we may pull again to $20,000 to $30,000 on Bitcoin, which might be a 50% decline, however the attention-grabbing factor about Bitcoin is we’ve seen these sorts of declines earlier than,” he continued.
Minerd, who previously garnered controversy over his BTC price remarks, was nevertheless not alone in his bearish near-term prognosis. As Cointelegraph reported, JPMorgan Chase analysts likewise sounded the alarm this week, their concern focused on futures markets.
An entirely average BTC pullback
Reacting, Bitcoin proponents dismissed any idea that deeper losses were inevitable, referencing a combination of factors including strong on-chain indicators.
“Wrong,” Morgan Creek Digital co-founder Anthony Pompliano responded to Minerd.
On Jan. 20, the chief claimed that Bitcoin had put in a value prime for the rest of the yr. Since then, BTC/USD has greater than doubled.
“In 2017, the typical BTC Bull Market correction took 16 days. This most up-to-date pullback has been occurring for less than 7 days,” well-liked Twitter account Rekt Capital noted concerning the present value motion.
“So whereas corrections are inclined to final a number of weeks… They’re very brief within the grander scheme of the general Bull Market.”