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Guggenheim predicts Bitcoin to go down to $20,000

After expecting a $400,000 long-term price target a month ago, Guggenheim Partners' Scott Minerd now expects Bitcoin to decline to $20,000.

A senior executive at the Guggenheim Partners financial services firm—planning to gain investment exposure to Bitcoin—has argued that BTC is likely to sink to $20,000.

According to a January 21 episode of CNBC’s Closing Bell, Scott Minerd, Guggenheim’s chief investment officer, claims Bitcoin will not hit another all-time high in 2021.

According to cointelegraph.com, Bitcoin is unlikely to rise any further until 2022, despite reaching the $42,000 price mark on January 8, Minerd said: “I think for the time being, we probably put in the top for bitcoin for the next year or so. And we’re likely to see a full retracement back toward the 20,000 level.”

The CIO obviously still holds a position that one bitcoin would be worth as much as $400,000 one day, considering Minerd’s bearish short-term Bitcoin prediction. The CIO called for a $400,000 long-term price goal for Bitcoin in late 2020, as Bitcoin was on its way to reaching its latest ATHs. In the short term, he subsequently went bearish on BTC, saying that on January 10, “Bitcoin’s parabolic rise is unsustainable in the near term”

Some have gotten mixed signals from Minerd’s numerous forecasts in the crypto community. Two distinct headlines were juxtaposed by one Twitter user with Minerd’s remarks on the Bitcoin price.

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