- Scott Minerd says Bitcoin price could see a major correction soon.
- Minerd has predicted a 50% reduction in BTC price.
Guggenheim Partners CIO Scott Minerd has given caution about the coming Bitcoin price correction. According to Minerd, Bitcoin will soon face a major price correction than what we are seeing now.
Of note, Minerd said that BTC is “very frothy” and could see a pullback in price in the short term.
Minerd gave his bearish thought about the flagship currency Bitcoin in an interview. Discussing Bitcoin, Minerd notably said that BTC has indeed run too far and too fast.
Given the massive move we’ve had in bitcoin over the short run, things are very frothy, and I think we’re going to have a major correction in bitcoin.
Continuously, Minerd said that Bitcoin could pull back to $20,000 or $30,000. If this happens, BTC will eventually decline to 50%. Also, Minerd added that this is not the first time in history that we are seeing such a correction in BTC; instead, it has happened before.
Moreso, Minerd said that he believes this major Bitcoin price correction is part of the long-term bull market. In December last year, Minerd even gave a bullish long-term prediction for BTC. In his prediction, he said that Bitcoin would surge to about $600K.
Not this alone, Minerd again stated that the Bitcoin correction would serve as a gateway for long-term investors.
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