After losing the $30,000 level, Bitcoin bulls have now regained the $30k level. But this recovery phase by Bitcoin has a mixed response which consists of bearish and bullish predictions for the currency in the days to come.
Guggenheim Partners’ global chief investment officer, Scott Minerd, told a CNBC Squawk Box co-host in Davos today that he believes Bitcoin might fall lower if price breaks significantly below the $30,000 level.
Furthermore, he noted that now there is no dominating player in crypto. But, as “most of crypto is crap,” he bets on BTC as one of the choices.
Bitcoin To Hit $8k!
Bitcoin’s ultimate bottom, according to Minerd, would be $8,000 if it falls considerably below $30,000. As a result, he continues, “we have a lot more room to the downside,” especially because the Federal Reserve is presently imposing prohibitive measures on the economy in an effort to keep inflation in check.
That is unfortunate, as Minerd pointed out, because BTC’s technical aspects are superior to those of any other cryptocurrency on the market.
Bitcoin And Ethereum Are More Of Survivors!
Most cryptocurrencies, according to Minerd, “are not currencies, they are just a clutter.” However, he believes even in a market of 19,000 currencies, there will be survivors since crypto is the future.
Bitcoin and Ethereum, according to Minerd, may be among the survivors. Nevertheless, he doesn’t agree with the statement that these two assets (or any other lately popular currencies like Solana) are major players. According to the Guggenheim CIO, no major players in crypto have yet emerged.
Minerd compared the present crypto market to the late-nineties dot-com bubble, stating that Yahoo was one of the industry leaders at the time. However, the advent and success of Amazon and Google were hard to anticipate.
Essentially, he feels that the proper crypto prototype has yet to be developed. It’s possible that something other than Bitcoin and/or Ethereum may emerge and turn up as the final winner in the future.
To prove his point, Minerd claims that to be considered legitimate, cryptocurrency must satisfy three criteria: it must be a store of value, a means of trade, and a unit of account.
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Source: https://coinpedia.org/bitcoin/wait-for-more-dip-bitcoin-btc-price-might-see-bottom-at-this-level/