Well, at the moment the price of bitcoin continues its lateral movement in the range of $32K – $35K, but analysts (especially some) do not get tired of surprising with new predictions .. Some of them are not the most optimistic in the short term, BUT we must also take them into account …
I think we all understand that a big change in the prices of cryptocurrencies is directly reflected, positively or negatively, on the durability and stability of most HYIP programs, based on which financial strategy the administrators of these programs have chosen initially .
Guggenheim CIO Scott Minerd has made another prediction about where the price of bitcoin will be, a lower estimate from his previous “real bottom” price prediction, reports bitcoin.com.
The chief investment officer (CIO) of Guggenheim Partners, Scott Minerd, returned last week with another bearish prediction for bitcoin. Minerd is also the chairman of Guggenheim Investments, the global asset management division of Guggenheim Partners, with about $270 billion in total assets under management.
Minerd predicted last month that the “real bottom” of bitcoin would be $15K, based on its technicals. He discounted the $10K price level at the time, calling that level “a little extreme.”
However, in an interview with CNBC Friday, Minerd indicated that the $10K level is now possible. “When we look at the history of crypto and we look at where we are,” he said: I really do believe this is probably a crash. And, you know, a crash would mean we’d be down 70%-80% which, let’s just say that’s between $10,000 and $15,000.
The Guggenheim CIO continued: “Put it this way, I wouldn’t be in a hurry to buy bitcoin and I don’t see any reason to own it right now. If you’re going to be a speculator, speculate that it’s heading lower.”
While Minerd continually predicted crashes and further sell-offs for bitcoin in the short term, he has maintained his long-term BTC price prediction of $400,000-$600,000.Meanwhile, Guggenheim has been trying to get more exposure to BTC. In June, the firm registered a fund that allows exposure to the cryptocurrency. According to its filing with the U.S. Securities and Exchange Commission (SEC), Minerd will be responsible for the day-to-day management of the portfolio.
However, Bitcoin bulls did unite to help Bitcoin reach and even cross the milestone, which the analyst later acknowledged in a tweet stating,
“Bitcoin has Weekly Closed above the 50 weeks EMA for an 8th week in a row.”
The same was depicted in the attached chart.
Source: Rekt Capital
The timing of this latest development is unique. Not so long ago, Bitcoin recorded a significant surge in accumulation. Different firms joined the Bitcoin club by adopting the flagship coin in their portfolios.
Another analyst portrayed a similar sentiment regarding these developments. In his latest YouTube video, Michaël van de Poppe discussed a possible price breakout playing out by the end of this week. This further sheds light on the aforementioned progress made by Bitcoin in crossing a crucial level.
Further, with regards to the Wyckoff pattern of Bitcoin, the price was still holding above the $33k mark, making another higher low from which a continued rise is very likely to happen. “Although, If we want to break to the upside, we need to crack that range around $34.6K,” he said.
In addition to this, Poppe concluded his price projection by stating,
“I believe that Bitcoin is going to make a breakout to the upside. I would not be surprised if Bitcoin is going to trade around $38,000 during the days of this week.”
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