Guggenheim's CIO, Scott Minerd, has recently made another bearish prediction regarding Bitcoin price. According to him, Bitcoin is not having enough institutional demand and indicating it will not be able to keep the Bitcoin price above $30k. He stated that the largest cryptocurrency is not having enough institutional investors that can sustain the price. He stated:
“Right now, the reality of the institutional demand that would support a US$35,000 price or even a US$30,000 price is just not there.”
Even though Guggenheim's CIO gave bearish predictions for Bitcoin price, he has shown faith in Bitcoin’s long run. According to him, Bitcoin seems to be a viable asset in the long run. It has been seen that ever since Bitcoin has reached its all-time high of $42K, it has seen a correction of 27% as the price is currently at $30.6k.
This price decrease is showing that the downward pressure is strengthening and the price might decrease further. However, Guggenheim's CIO has said that this kind of squeezes is not uncommon in the market.
This is not the first bearish prediction by Guggenheim CIO, as he had given this kind of prediction regarding Bitcoin earlier as well. Back on January 20, 2020, he said that Bitcoin price might drop back to the $20k level. If this prediction turns true then the Bitcoin price will drop more than half to its all-time high of $42k.
Analysts are not bearish over bitcoin as many believe Bitcoin will flourish. Despite the recent fall in price, Bitcoin investors do not seem to get much bothered and are not losing their faith. Some have also predicted that in the near future, Bitcoin will reach its new all-time high.