Guggenheim Partners founder Scott Minerd, who predicted Bitcoin’s (BTC) 50% slump, suggested that the Bitcoin (BTC) correction may not be over given the parabolic rise of the cryptocurrency market over the past year.
“Bitcoin and other cryptocurrencies have clearly become parabolic and parabolic markets are impossible to sustain. So a normal correction or sale would be 40-50%.”
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Minerd’s prediction turned out to be correct, and the top cryptocurrency is down more than 50% from its all-time high of around $65,000. According to the analyst, Bitcoin is still at risk of falling:
“But when we look at the history of cryptocurrencies and where we are, I really believe it was probably a crash. And, you know, a crash would mean a 70% to 80% drop, which would say somewhere between $10,000 and $15,000.”
A drop to the $10,000 to $15,000 range would mean another 55-70% correction from Bitcoin’s current price of $33,500. In April, the CIO correctly predicted that Bitcoin would fall by 50%. However, despite the bearish sentiment in the crypto markets, Minerd remains a long-term bull, predicting a future price of $400,000 to $600,000 for Bitcoin.
