Guggenheim CIO Says BTC Can Fall To $8,000: Price Analysis

Guggenheim CIO Scott Minerd says BTC Can fall to $8000 in a new price analysis due to negative speculation from investors after the recent bloodbath’s effects on the markets so let’s read more today in our latest Bitcoin news today.

The Guggenheim CIO speculated that the BTC price can crash to $8000 and he is the same one who said that in December BTC should be $400,000. The speculation refers to a 70% drop from today’s prices of BTC and moved near $30,000. Speaking with the CNBC Andrew Ross Sorkin, Minerd said:

“When you break below 30,000 [dollars] consistently, 8,000 [dollars] is the ultimate bottom, so I think we have a lot more room to the downside, especially with the Fed being restrictive.”

Minerd outlined the relationship between Bitcoin’s price and the FED regulation is putting pressure on their new policies. After the high from November 10 when the BTC price marked $69,044 and decreased by around 58% in value:

“Most of these currencies, they’re not currencies, they’re junk. I don’t think we’ve seen the dominant player in crypto yet. If we were sitting here in the internet bubble, we would be talking about how Yahoo and America Online were the great winners. Everything else, we couldn’t tell you if Amazon or Pets.com was going to be the winner.”

 

In addition, he urged that digital currency is required to store value and become a medium of exchange as well as a unit of account:

 “I don’t think we have had the right prototype yet for crypto.”

The crash of stablecoins including the one of Terra’s UST and its fellow LUNA token, caused the marekt to suffer a huge blow. Edward Moya is an analyst from CFD Trading platform OANDA and commented that the BTC prices are steadied with the broad risk rally on Wall Street:

“It looks like most crypto traders are hesitant to buy the dip. Which most likely means that the bottom has not been made.”

Moya talked about the current ECB President Christine Lagarde who said digital currencies are worth nothing. He added:

“It is unlikely that any head of a central bank will endorse bitcoin or the other top coins. Especially as we are years away from a digital euro or dollar. It looks like bitcoin won’t really attract massive inflows. Until investors believe most major central banks are nearing the end of their tightening cycles.”