Main navigation

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

Fri, 06/25/2021 - 17:47
article image
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
Cover image via twitter.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

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.

Related
Floppening? Ethereum Reaches Lowest Level Against Bitcoin Since Early May

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.

BTC
Image by tradingview.com
article image
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.