Scott Minerd of the Guggenheim claims that Bitcoin’s investor base is large enough and not deep enough.

 

 

In a recent interview with Bloomberg, Guggenheim’s Scott Minerd once again mentioned that $ 30,000 is not sustainable for Bitcoin.

He believes that institutional demand is too weak to support such a price tag for the largest cryptocurrency in the short term.

Currently, there is no reality of corporate demand to support a price of $ 35,000 or even a price of $ 30,000.

Bitcoin’s investor base is not big enough

Minerd added that his firm has been following Bitcoin for years, but does not want to go in because the market value of the asset is too small.

In December, he expressed his overly optimistic forecast, claiming that the leading cryptocurrency could go up to $ 400,000 and give the hottest crypto bulls their money back.

However, in less than a month, Minerd made a downward U-turn, claiming the market had become too foamy. He recently predicted that Bitcoin could drop to $ 20,000 before reaching its all-time high this year.

He also pointed out how Bitcoin could rise to new heights based on technical analysis.

It was pretty easy to see that there was a clear path to $ 20,000. Once you get past $ 20,000, you can definitely see how (based on technical studies) you can reach $ 35,000 or even higher.

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However, Minerd does not think that Bitcoin’s investor base is actually large enough to support such levels.

Scott Minerd of the Guggenheim claims that Bitcoin’s investor base is large enough and not deep enough.

In a recent interview with Bloomberg, Guggenheim’s Scott Minerd once again mentioned that $ 30,000 is not sustainable for Bitcoin.

He believes that institutional demand is too weak to support such a price tag for the largest cryptocurrency in the short term.

Currently, there is no reality of corporate demand to support a price of $ 35,000 or even a price of $ 30,000.

 

Bitcoin’s investor base is not big enough

Minerd added that his firm has been following Bitcoin for years, but does not want to go in because the market value of the asset is too small.

In December, he expressed his overly optimistic forecast, claiming that the leading cryptocurrency could go up to $ 400,000 and give the hottest crypto bulls their money back.

However, in less than a month, Minerd made a downward U-turn, claiming the market had become too foamy. He recently predicted that Bitcoin could drop to $ 20,000 before reaching its all-time high this year.

He also pointed out how Bitcoin could rise to new heights based on technical analysis.

It was pretty easy to see that there was a clear path to $ 20,000. Once you get past $ 20,000, you can definitely see how (based on technical studies) you can reach $ 35,000 or even higher.

However, Minerd does not think that Bitcoin’s investor base is actually large enough to support such levels.

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