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.
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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:
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.