During the week, Bitcoin plunged below $30k for the first time in several months. The leading cryptocurrency quickly recovered to the $34k region. According to Guggenheim CIO Scott Minerd, Bitcoin bulls should not celebrate just yet as $10,000 would be the digital asset’s “real bottom.”
Minerd aired his views during an appearance on CNBC on Friday. His current uber-bearish target is reportedly based on the current technical picture. However, he admits that his target is a bit “extreme,” and the bulls should expect a more conservative price call of $15,000.
The real bottom, when you look at the technicals, $10,000 would be the real bottom. You know, that's probably a little extreme, so I would say $15,000.
A long road to recovery
In mid-May, Bitcoin surpassed the $60k benchmark for the first time. But the entire hype around its bullish run was abruptly cut short by news from China suggesting a clampdown on Bitcoin mining and trading. A few Chinese provinces have made real this threat, thereby forcing the hash rate of the Bitcoin network along with its price down.
After crashing to the $30k region on China’s crypto clampdown news, Bitcoin quickly recovered to the $35k level. This turned out to be a bull trap as the currency has slid back to the $32k region, as of press time.
Minerd claimed that investors should take their time before putting any more money on Bitcoin. He said:
I don't think people need to be anxious to be putting money in bitcoin right now.