Guggenheim CIO repeats $20K Bitcoin price forecast as BTC doubles since last warning

The chief investment officer of the giant Guggenheim has repeatedly warned that bitcoin (BTC) will crash to $20,000.

In an interview with CNBC on 20. In April, Scott Minerd again warned that bitcoin could lose half its value in a downturn.

A known target of bitcoin’s decline appears

Given that for a short period of time we had a big movement in bitcoin, things are very frothy, and I think we’re going to have to seriously fix bitcoin, Minderd told the network.

Bitcoin jumped to $55,000 on Wednesday, rising from $52,000 during the bull market’s final pullback in 2021.

For Minerd, who last stated that BTC/USD would return to $20,000 in January, such an event would be part of the normal cycle of market ups and downs. His long-term forecast of $400,000 per bitcoin still stands, he said.

I think we could go back to $20,000 or $30,000 for bitcoin, which would be a 50 percent drop, but what’s interesting about bitcoin is that we’ve seen these kinds of declines before, he continued.

Miner, who previously caused controversy with his comments on the price of BTC, was nonetheless not alone in his bearish outlook for the near future. As Cointelegraph reports, analysts at JPMorgan are also sounding the alarm this week, with their concerns focused on the futures markets.

Full average BTCBackward

In a response, bitcoin supporters rejected the idea that larger losses were inevitable, citing a combination of factors, including strong indicators on the chain.

Wrong, Anthony Pompliano, co-founder of Morgan Creek Digital, told Minard.

On the 20th. In January, the board said Bitcoin had set a price ceiling for the rest of the year. Since then, BTC/USD has more than doubled.

In 2017, the BTC bull market took an average of 16 days to correct. This latest pullback lasts only 7 days, reported the popular Rekt Capital Twitter account about the current price action.

So while repairs usually take a few weeks….. They are very short in the grand scheme of the overall bull market. ABTC/USD correction during the 2017 upcycle. Source: Nathaniel Whittemore/Twitter

Guggenheim CIO repeats $20K Bitcoin price forecast as BTC doubles since last warning 1

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