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$10,000 Would Be Bitcoin's "Real Bottom," Says Guggenheim's Scott Minerd

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Fri, 06/25/2021 - 17:47
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Alex Dovbnya
Guggenheim's Scott Minerd says Bitcoin buyers should wait for $15,000
$10,000 Would Be Bitcoin's "Real Bottom," Says Guggenheim's Scott Minerd
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During his June 25 CNBC appearance, Guggenheim CIO Scott Minerd said that $10,000 would be Bitcoin’s “real bottom” based on the current technical picture.    

However, he concedes that such an uber-bearish price target would be “a little extreme,” thus settling with a more conservative $15,000 price call:

The real bottom, when you look at the technicals, $10,000 would be the real bottom.  You know, that's probably a little extreme, so I would say $15,000.

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No hurry

Bitcoin’s quick recovery to the $35,000 level ended up being a bull trap. The cryptocurrency has now slid below $32,000, with bears seemingly having the ball in their court.          

Minerd claims that investors who want to get into the flagship cryptocurrency shouldn’t be in a hurry:

I don't think people need to be anxious to be putting money in bitcoin right now.    

The largest cryptocurrency would need to correct another 68 percent in order to reach Minerd’s most pessimistic target.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.