In a recent Bloomberg interview, Scott Minerd, Guggenheim's chief investment officer, reiterated his $15,000 Bitcoin price prediction:
Ultimately, I think that something in the neighborhood of $15,000 is where we are going to end up.
"There's still more air to come out of this."— Bloomberg TV (@BloombergTV) July 21, 2021
Guggenheim's Scott Minerd says Bitcoin could drop to $15,000 https://t.co/JbGop61Sdg pic.twitter.com/JtpANgtC3H
He is convinced that there is still “some more air” to come out of the Bitcoin bubble.Minerd points to the fact that standard Bitcoin bear cycles have had 80 percent corrections.
The executive believes that uncertainly and rivalry with competing cryptocurrency projects could put more pressure on Bitcoin.
After a brutal sell-off that took place earlier this week, the flagship cryptocurrency managed to stage an impressive recovery on Wednesday in anticipation of Elon Musk and Jack Dorsey’s big talk.