Guggenheim CIO repeated warning that Bitcoin could drop to $ 20K

The chief investment officer of investment giant Guggenheim reiterated his warnings that Bitcoin (BTC) would crash to $ 20,000.

Scott Minerd warned during an interview with CNBC on April 20 that Bitcoin could lose half of its value in a possible correction.

Minerd repeated his warning

“Considering the massive price action that Bitcoin has shown in the short term, I think we will have a big correction,” Minerd stated during the interview.

In the latest correction of the 2021 bull market, Bitcoin rose to the $ 55,000 band again after declining to $ 52,000.

For Minerd, who said that the BTC / USD pair will decline to $ 20,000 in January, this is a situation that is part of the normal market cycles. Minerd said that the long-term price prediction of $ 400k for Bitcoin is still valid.

CIO said, “I think Bitcoin could retreat to the $ 20-30,000 band with a 50 percent correction. But the interesting thing about BTC is that we’ve seen these types of pullbacks before, “he summed up.

A completely ordinary retreat

Bitcoin supporters reacting to the statement, on the other hand, denied claims that a larger drop is inevitable.

Morgan Creek Digital Co-Founder Anthony Pompliano said Minerd’s statement, “This is wrong.” he replied.

Minerd said in a statement on January 20 that BTC has seen its peak for this year and that no new record will be set for the remainder of the year. BTC / USD has more than doubled in value since then.

Popular Twitter account Rekt Capital stated, “The corrections of the BTC bull market in 2017 asked for an average of 16 days. The last correction only takes 7 days.” commented.

BTC / USD corrections in the 2017 bullish cycle. Source: Nathaniel Whittemore / Twitter

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