Bitcoin Could Bottom at $8,000, Says Guggenheim’s Scott Minerd 

Scott Minerd, founding managing partner and chief investment officer (CIO) of global investment and advisory financial services firm Guggenheim Partners, believes that bitcoin (BTC) could trade as low as $8,000 if the current bearish trends continue. 

Minerd: $8K Is The “Ultimate Bottom” for Bitcoin

Speaking in a recent interview with CNBC Squawk Box, Minerd stated that the leading cryptocurrency could drop to $8,000 soon.  He pointed out that this could, however, only happen if bitcoin continues to fall below the $30,000 price mark. 

“When you break below $30,000, consistently, $8,000 is the ultimate bottom, so I think we have a lot more room to the downside,” he said.

At the time of writing, Bitcoin is trading just above the $29,000 mark. However, a recent analysis predicted that the cryptocurrency could close the week with an uptrend.

Meanwhile, this is not the first price prediction Minerd has made of bitcoin. The last two years have seen the Guggenheim’s founding partner make several predictions, both bullish and bearish.

In February last year, when BTC traded at $60,000, he predicted that the crypto asset could hit the $600,000 mark. Before then, he had made a prediction about bitcoin trading at $400,000. 

Bitcoin Is Not the Right Prototype for Crypto

Aside from his predictions on bitcoin price movements, Minerd believes that the king coin will be one of the survivors in a market filled with thousands of cryptocurrencies. 

He, however, added that leading digital asset is yet to arrive, and that neither Bitcoin nor Ethereum are the dominant players in the crypto market.

For Minerd, the right prototype for crypto needs to be a store of value, a medium of exchange, and a unit of account. But according to him, none of the existing cryptocurrency meets this criteria.

“I don’t think we’ve seen the dominant players in crypto yet…None of these things (cryptocurrencies) pass, they don’t even pass on one basis,” said Minerd.