Here’s what an analyst said traders should expect from Bitcoin

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Scott Minerd, Managing Partner and Global Chief Investment Officer of investment company Guggenheim Partners, is making headlines today after revising his long-term forecasts for the price of Bitcoin. In an interview with CNN on Wednesday, Minerd forecast that a Bitcoin pullback is unavoidable, with the cryptocurrency’s price likely to swing and stabilise somewhere between $20,000 and $30,000. He said,

“I wouldn’t be surprised if we have a sudden setback.”

Minerd was quick to see the silver lining, however, with the exec stating that this phase would be a quintessential entry point for long-term investors.

Stressing the parabolic market cycle, the executive shared his optimism for the US economy, suggesting that it might serve as a locomotive, pulling the whole globe, including developing European economies, out of the possible danger they face.

Speculative behaviour has an ocean of goals to pick from; however, Minerd’s figures have struck the nail on the head the majority of the time. Minerd stated that after receiving a fair return on their investments,

“People need to take their ships off the table and re-enter at another entry point somewhere later down the year.”

Bitcoin’s growth from $10,000 to where it is now has been very parabolic. Some, though, claim that certain economies are unsustainable, which is why Bitcoin has gotten ahead of its own long-term pattern. As a result, going short could be “dangerous” at this stage.

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Following the Archegos chaos on Wall Street, Minerd was of the opinion that such situations are highly likely to repeat themselves. In a recent Bloomberg interview, he had said,

“Major losses tend to continue to cascade until the market corrects and flushes the risk out of the system.”

Minerd has previously said that the Bitcoin market is not large enough to warrant institutional money at this time. However, when BTC’s market cap grew and the price became “really interesting,” his opinions shifted.

Keeping the relative value and scarcity factors in mind, he has predicted that Bitcoin’s price could climb as high as $600,000 in the next 10-20 years.

A few months ago, he had also predicted,

“Bitcoin has had setbacks of over 50 percent from its highs a lot of times, so I wouldn’t be surprised if it happens again.”

 

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