Bitcoin (BTC) started this week by breaking record after record. Bitcoin, which has been in the process of consolidation since February 21, when $ 58,330 was seen, had a breakout last Saturday and rose as high as $ 64,863 as of Wednesday, April 14, according to CoinMarketCap data.
While the general expectation in the market is positive, one name thinks there may be a pullback in all macro markets in the near future and this may affect the Bitcoin price as well.
Scott Minerd, CIO of global investment and consulting firm Guggenheim Partners, discussed the macro situation in an interview with CNN. Stating that the stock markets have performed very well since the coronavirus crash in March 2020, Minerd warned that a pullback may be seen in the coming months.
“I wouldn’t be surprised if we see a sudden retreat like next month. Stock investors have seen a pretty good 12-month performance since March 2020. “It may be time to withdraw some of the money and watch if there is a better entry point later in the year.”
The CIO announced that the Guggenheim was also preparing in this direction and making attempts to reduce the risk.
According to Cointelegraph’s news dated February 3, Minerd had previously commented, “If we compare the Bitcoin supply with the gold reserves in the world and the total value of gold, Bitcoin should be between $ 400 thousand and $ 600 thousand”. Recalling this statement, the CIO said that the time before Bitcoin will reach this level is 10-20 years.
Saying that he bought Bitcoin for the first time at $ 10,000, Minerd claimed that BTC has turned into a speculative bubble just like GameStop and some other stocks, which have shown a rapid rise thanks to Reddit investors in recent weeks.
Stating that a possible withdrawal in stock markets and macro markets may also affect Bitcoin, Minerd explained that in such a case, BTC could decline to the range of $ 20-30 thousand:
“In this kind of regression, we can see that Bitcoin declines to the 20-30 thousand dollar band. For long-term investors, this would be the perfect entry point. ”
Stating that parabolic rallies are unsustainable, the Guggenheim CIO said he therefore thinks Bitcoin’s long-term trend is slightly ahead. The CIO still thinks it is dangerous to take short positions for Bitcoin.
Minerd said that BTC would not break a record again this year on January 21, when Bitcoin hit $ 42,000 and broke a record, and then retreated to $ 35,000, and announced that he expected a decline to $ 20,000.