Scott Minerd, a Wall Street heavyweight, has warned against buying Bitcoin at current rates, anticipating a drop to $10,000.
Apple co-founder Steve Wozniak has praised Bitcoin as a “wonder,” but he claims to have no Bitcoin.
Bitcoin has remained stuck above $30,000 for weeks, unable to break through its upper resistance. At the time of publication, it was trading slightly below $34,000, up 3% in the previous day. While the leading cryptocurrency has fought hard to maintain over $30,000, one Wall Street heavyweight believes it is on its way to $10,000. In other places, one of Apple’s co-founders has referred to Bitcoin as a “miracle,” despite the fact that he does not own any of it.
The flagship cryptocurrency has had a wild week, hitting a high of just under $36,000 and a low of roughly $32,290. The week was only a continuation of the previous month, during which the cryptocurrency has been range-bound below $40,000, with resistance that has proven nearly impossible to overcome.
This sideways trading is expected to persist for some time, according to analysts. On its Telegram channel, QCP Capital, a Singapore-based digital asset trading firm, stated:
With psychological resistance around $40,000 and strong support at $30,000, it’s likely that BTC will trade in this $10,000 range in the foreseeable future, causing implied volatility to plummet.
BTC is on its way to $10,000, according to Scott Minerd.
While traders wait for Bitcoin to break through the $40,000 barrier, one Wall Street heavyweight predicts the cryptocurrency’s demise. BTC, according to Scott Minerd, chairman of Guggenheim Investments, is doomed in the foreseeable future. He feels that the cryptocurrency market is about to fall.
In an interview with CNBC, he stated:
When we look at the history of crypto and where we are now, I truly feel this is going to be a crash, and a crash would mean we’d be down 70-80 percent, which, let’s say, is between $10,000 and $15,000.
Minerd, who is the chief investment officer at the banking behemoth, which manages over $270 billion in assets, went on to criticize Bitcoin in its current shape.
To put it another way, I wouldn’t rush to buy Bitcoin, and I don’t see any compelling need to do so right now. If you’re going to be a speculator, bet on the market falling.
Minerd has been swinging back and forth on BTC. He said in December that the cryptocurrency should be worth at $400,000. Since then, he’s gone back and forth between being a bear and a bull, with his most recent attitude being bearish. Guggenheim The CIO changes his mind about Bitcoin once more, estimating a fair value of $400K to $600K.
Bitcoin is a marvel, but I don’t own any. Steve Wozniak:
One of our generation’s most well-known innovators has continued to promote Bitcoin. In a recent event in Mexico, Steve Wozniak, who co-founded Apple with the iconic Steve Jobs, praised cryptocurrency as a miracle.
“Gold is limited, and you must seek it out; Bitcoin is the most incredible mathematical miracle,” he told the audience.
Despite his enthusiasm for Bitcoin, the Woz – as he’s affectionately known – does not possess any of the digital currency. “I don’t have any Bitcoin investments, but I believe in its potential.”
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