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Guggenheim Partners founder Scott Minerd says a $600,000 Bitcoin price is still in the cards, but investors may have to prepare for a further drawdown before BTC can start rising again. In an interview with CNBC, Minerd discusses the possibility of Bitcoin losing over 50% of its based on historical price action.
“Every major run-up in Bitcoin, there has been about an 80% crash. Now, that would make a lot of sense in a lot of ways because that would bring us back into the neighborhood of $15,000.”
“Our research shows that as a store of value, and that’s a debatable point, that if you were to compare it against gold, you’d be at somewhere between $400,000 and $600,000.”
In other trending Bitcoin News today: Bitcoin To Meteorically Rise 15x, Says Crypto Analyst Lark Davis. Davis believes BTC is poised to reach a six-figure price as its fundamentals continue to grow at an exponential rate.
“Bitcoin will go on to rival the market cap of gold this decade. That is a 15X from the current price, which will give a per unit price of $550,000 per BTC.”
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Show Notes / Resources:
TA: Bitcoin Stuck Near $35K, What Could Trigger A Strong Rally