Few things excite the crypto world like speculation and discussion about the current or future price of Bitcoin, be it a price rally that starts a million tweets about Bitcoin “Going to the Moon” or a price drop that confirms Bitcoin naysayers that The Community Loves Experts also frequently talk about the Bitcoin price, either predicting its decline or indicating that it will reach a certain point.
The latter comes from Scott Minerd, who recently suggested in an interview to see Bitcoin A price drop of up to -50% compared to the current price.
The Bitcoin Wreck
In the interview, Minerd, who at Guggenheim Partners on making him a bitcoin fanatic and longtime bitcoin fan. term hopes the digital asset will succeed, but its recent bull run is cause for concern. They feel that the current bull run has been too fast and that the market may soon see a ferocious correction in response.
With Bitcoin now at an all-time high of over $ 64,863, Minerd has increased the price at which this potential correction would occur. Clina, but the interesting thing about Bitcoin is that we’ve seen these kinds of drops before, ”he said.
Minerd does not expect long-term declines however, but believes the Bitcoin market is natural it will decline to around $ 400,000 to $ 600,000. Given Bitcoin’s history, this isn’t entirely uncommon.
After hitting its all-time high of around $ 20,000 in 2017, the price of Bitcoin fell sharply, and many wondered if the price would eventually recover. Now that you’ve seen a new bull run, it’s not out of the question that a major market correction will take place before another significant bull cycle.
This current phase has been going on for months, with the value of Bitcoin increasing many times over. Given that the market is more mature with more institutional support from companies like Tesla and WeWork, it’s no wonder this bull run has taken so long.
It will also be interesting to see if Bitcoin is actually going down and if so, how fast it can bounce back.