Guggenheim CIO expects Bitcoin to drop to $20,000

A senior executive at financial services firm Guggenheim Partners seeking exposure to Bitcoin (BTC) has argued that BTC is expected to drop to $ 20,000.

Scott Minerd, Guggenheim’s chief investment officer, believes Bitcoin will not hit another all-time high, according to an episode of CNBC’s closing bell on January 21, 2021.

After reaching a price level of $ 42,000 on Jan. 8, Bitcoin is unlikely to continue rising until 2022, Minerd said:

“For now, I think we’ve probably hit the top for Bitcoin for the next year or so. And we will likely see a full retracement towards 20,000. “

Despite Minerd’s bearish short-term Bitcoin forecast, the CIO apparently still believes that a bitcoin will one day be worth up to $ 400,000. In late 2020, when Bitcoin was on its way to cross its new ATHs, the CIO called for a long-term price target of $ 400,000 for Bitcoin. He then briefly turned bearish against BTC, claiming that “Bitcoin’s parabolic surge is unsustainable in the short term” on Jan. 10.

Some in the crypto community have received mixed signals from minerds of different predictions. A Twitter user compared two separate headings to Minerd’s comments on Bitcoin price:

The Guggenheim CIO, Scott Minerd, ladies and gentlemen. I’ll just leave this here and draw your own conclusions # Bitcoin

– xCR1337 (@ cryptonator1337) January 21, 2021

Guggenheim Partners entered the crypto industry in late 2020 after filing an application with the US Securities and Exchange Commission to “apply for exposure to Bitcoin through Grayscale’s Bitcoin Trust product.

Minerd’s bearish Bitcoin forecast finds itself amid yet another negative Bitcoin correction that saw BTC drop below $ 34,000 on Jan. 20. As Cointelegraph reported, selling pressure on Bitcoin for the first two weeks of January came mainly from Asia, while the US market also began seeing weakness amid a correction on Jan. 19.

At the time of writing, Bitcoin is trading at $ 32,997, down over 5% in the last seven days and up around 45% in the last 30 days, according to Cointelegraph’s Bitcoin Price Index.

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