Bitcoin could bottom out at $10,000, Guggenheim’s CIO says

Bitcoin could bottom out at $10,000, Guggenheim’s CIO says

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.

Subscribe to BTC PEERS

Don’t miss out on the latest issues. Sign up now to get access to the library of members-only issues.
jamie@example.com
Subscribe