Wednesday, August 4

Scott Minerd Shares His Thoughts on Bitcoin’s (BTC) Real Bottom

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Guggenheim CIO Scott Minerd said in his CNBC program that the $10,000 level would be the real bottom of Bitcoin, based on technical indicators.

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Minerd later acknowledged that this extremely bearish price target may have been “exaggerated,” saying the price could be around $15,000.

“Bitcoin’s real bottom would be $10,000 when you look at technical indicators. You know, that’s probably a little extreme. So I would say $15,000.”

“Shouldn’t Be Hurried”

Bitcoin’s rapid rise to the $35,000 level was seen as a bull trap. The asset is now down to $32,000. It looks like the bears are on the move.

Minerd says that investors who want to enter the leading cryptocurrency should not rush:

“I don’t think people should worry about investing in Bitcoin right now”

Bitcoin needs to experience a 68% correction for Minerd’s most pessimistic target to be met.

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