The Chief Investment Officer (CIO) of Guggenheim Partners, Scott Minerd, expressed his stance on the entry points for investors in the Bitcoin bull. The CIO warned investors for the pullback but also marked that it will be a “great entry point” for the investors who are interested in HODLing BTC at the same time.
Bitcoin Pullback, a Great Entry Point for Investors: Guggenheim
Guggenheim CIO Scott Minerd has warned crypto investors about the bitcoin pullback. further explained that it will be a “great entry point” for long-term investors. Mentioning the first digital gold, the Guggenheim executive elaborated
“When we get a risk-off moment, we could be seeing bitcoin pullback to somewhere between $20k-$30k. But I think for long-term investors, that will be a great entry point.”
#Bitcoin bulls beware!
"When we get a risk-off moment, we could be seeing $BTC pullback to $20-30k. But I think for long-term investors, that will be a great entry point."@ScottMinerd of @GuggenheimPtnrs talks parabolic markets, US growth between 8-10%, and overseas risks. pic.twitter.com/Im50zRdN5s
— Julia Chatterley (@jchatterleyCNN) April 7, 2021
Guggenheim Investments holds more than $246 billion in total assets across equity, fixed income, and substitutive strategies. Analyzing the upward moving graph of market capitalization Minerd noted that Bitcoin “clearly has gotten caught in a speculative bubble that Gamestop got into.”
The statement elaborated as;
“He then discussed how “Parabolic markets aren’t sustainable,” having previously warned about bitcoin’s parabolic rise. “That’s one of the reasons why I think bitcoin has gotten a bit ahead of itself in its long-term trend … But it’s hard to get short. That’s a dangerous game.” Nonetheless, Minerd noted that there are “a lot of markets that are going parabolic.”
Bullish Behavior of Bitcoin Since Last December
The Guggenheim CIO seemed bullish about Bitcoin last December. When he declared that the BTC price could surpass $400K, about which he later clarified that this prediction is not for the forthcoming year. The price will reach the value mentioned in the upcoming 10 to 20 years.
Subsequently focusing on the negative aspect of cryptocurrency, he also advised investors to sell their digital assets. The asset management firm’s filing with the SEC to invest in bitcoin via Grayscale’s bitcoin trust is effective from the end of the first month of the year. Then in the second month, Minerd made another bullish statement, predicting the price of bitcoin as 600k stating;
“You’ll be talking about $400K to $600K per bitcoin … That’s an indication of what might be a fair value. That gives you a lot of room to run.”