A top executive at finance company Guggenheim Partners, which plans to invest further in Bitcoin (BTC), claims that BTC is on the verge of falling to $ 20,000.
Scott Minerd, Guggenheim’s chief investment officer, believes Bitcoin will not reach a new full-time high in 2021, according to CNBC’s January 21 closure.
Minerd said bitcoin is unlikely to rise until 2022 after reaching $ 42,000 on January 8:
“I think at this point we’ll probably go into the top of bitcoin in the next year or so.
Despite Bitcoin Minerd’s short-term bearish prospects, it seems that the CIO is still able to make a Bitcoin worth as much as $ 400,000 per day. At the end of 2020, as Bitcoin was about to cross new ATHs, the CIO asked for a long-term price target of $ 400,000 for Bitcoin. He later became a downward trend towards BTC in the short term, indicating that Bitcoin’s parabolic rally on January 10 was unstable in the near future.
Some in the crypto community received mixed signals from various Minerd predictions. A Twitter user matched two separate headlines to Minerd’s comments on the bitcoin price:
Guggenheim Partners jumped into the crypto industry in late 2020 after the company sent to the US Securities and Exchange Commission “to attract investment in Bitcoin through Grayscales Bitcoin Trust.”
Minerd’s bearish outlook for Bitcoin came among another negative correction for Bitcoin when Bitcoin fell below $ 34,000 on January 20. We see weakness among the correction on 19 January.
At the time of publication, Bitcoin is trading at $ 32,997, down more than 5% in the last seven days, but still up almost 45% in the last 30 days, according to the Cointelegraphs Bitcoin Price Index.