Guggenheim CIO says Bitcoin can go back to $20,000
Recently Guggenheim registered with the SEC to buy $500 million in Bitcoin.
Bitcoin is falling, falling below support levels in the $33,000 area, demonstrating that the bull run may have lost strength for now. For Guggenheim Partners Head of Investment, Scott Minerd, we will have a correction up to $20,000. But some still believe that Minerd’s opinion may ultimately be an attempt at institutional manipulation.
In an interview with CNBC, Scott Minerd said he believes that Bitcoin Formula current high has reached its peak and that there will be a retraction to the $20,000 level, but not only that, for him, the currency will not rise above recent levels for at least a year.
„We have probably reached a top for Bitcoin for at least until next year“.
Minerd also justified the reason to believe that Bitcoin has lost its growth force for now and because the currency will fall to old resistance levels, explaining that whenever we have a price increase, as it happened during January 2021, we always have to expect a correction.
„When we have a movement that doubles the price of an asset in about a month, we are prone to a retraction“.
Scott Minerd is not one of the Bitcoin critics, in fact he, along with the Guggenheim, invested in Bitcoin when the currency was still in the $10,000 range. At the time, Scott even claimed that the real value of the Bitcoin should be $400,000 and that the currency would continue to increase.
So what changed between the bet of $ 400 thousand and the forecast that Bitcoin has already lost its strength to 2021? Well, many think that Scott Minerd may be a tool for institutional manipulation.
Can Scott Minerd’s opinion be manipulation?
It’s worth pointing out that, historically speaking, Minerd is not wrong, Bitcoin and any other asset, usually shrink in price as soon as we have such a meteoric high as the one we’ve followed recently.
But two things draw attention in Scott’s case. First of all, a month before he said that Bitcoin was going to fall, he was giving forecasts close to half a million dollars per currency.
And second, recently the Guggenheim made a registration with the SEC to buy $ 500 million in Bitcoin. For many investors, the strategy of the Bank and Scott is to use the FUD to bring down the price before they can buy Bitcoin at a much lower price than today.
Many have drawn attention to this detail in Minerd’s last interview. But in the announcement of a news story on the recent issue at Coindesk, many also speculated the same thing.
„He’s trying hard to bring down the price. This guy is everywhere trying to bring down the price, it’s comical“.
He’s trying so hard to get price down. The guy is on every show he can be to push price down it’s comicAl.
„This is the guy who recently said that the fair price of Bitcoin was US$ 400,000. Wall Street is always playing with us“.
This is the guy who recently said fair $BTC valuations were around $400,000 USD. Wall Street always playing non-stop mind games.
We even had some more debauched comments about the opinion of the Guggenheim CIO.
„Minerd also said that: ‚I’m saying this because I want the weak retailers to sell their Bitcoins to Guggenheim investors and my friends at the Yatch club.
Minerd also added „I say this because I want you weak ass retailer holders to sell your Bitcoin to Guggenheim investors and my yacht club pals.