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