BTC price may plunge back to $20,000 – Analyst
2 min readTL;DR Breakdown
- Analyst predicts BTC to return to $20,000-30,000 region
- Minerd’s conflicting BTC price prediction
- BTC Price today
Scott Minerd, Guggenheim Global Chief Investment Officer, has said that BTC price, despite trying to break the $60,000 resistance level, could plunge back to around $20,000. He made this prediction in an interview on CNN. The crypto tycoon said BTC has been caught in a speculative bubble as he compared the crypto with Gamestop and other Yolo stocks.
“When we get a risk-off moment, we could be seeing $BTC pullback to $20-30k. But I think for long-term investors, that will be a great entry point,” he said.
It is worthy to note that BTC’s lowest price since March was $55,600. The number one cryptocurrency has not pulled below $50,000 in the last month.
Minerd conflicting BTC price prediction in December
Previously, Minerd predicted that BTC price would surge as high as $400,000, only for him to turn bearish on the cryptocurrency again in December.
His previous bullish prediction led to wild jubilation, and when he turned bearish on the coin again, he warned investors about the crypto creating tension in the air. People believed he changed his opinion on BTC price so that Guggenheim could buy it cheaper.
When asked about the uber-bullish prediction in the interview with Chatterley, Minerd said that the bellwether crypto could reach such a target over a period that stretches from “10 to 20 years.”
BTC Price analysis
Bears have had control of the crypto market during the week as markets are red across the board. BTC’s price dipped to $55,600, causing a severe number of liquidated long positions.
BTC’s price took a turn for the worst today and declined from an intraday high of around $58,600 to a low of $55,600, losing $3,000 from its dollar value. At the time of writing, the price hovers indecisively around $56,000.
The entire cryptocurrency market followed BTC’s near 10% daily decrease. ETH plunged to $1,930, down 8% in 24 hours.
