Bitcoin Could Drop To $8K, Down More Than 70%, Guggenheim Manager Says

While Bitcoin has held up around $29,000 in the past week, giving hope to some, the coin has fallen below $29,000 and many have begun to reconsider what Bitcoin’s bottom really is.

For Scott Minerdfamed investor and manager of Guggenheim, the bitcoin fund is still further away than expected, believing that the “final fund is US$8 thousand”.

Scott Minerd said that with Bitcoin consistently falling to levels below $30K, we should keep an eye out for a “final bottom” that is well below its current level.

“If you consistently fall below $30,000, the $8,000 figure is the bottom line,” Minerd said in an interview at the World Economic Forum in Davos.

Finding the bottom for Bitcoin is important right now, as it is essential for the currency to find buying pressure again to start another bull cycle.

Many hope this bottom will come in around $28, maybe even $25. If Minerd does well, we will still see panic in the cryptocurrency market until this key support is found.

“Most of the crypto market is garbage”

Minerd not only spoke about his highly pessimistic forecast for Bitcoin, but also took the opportunity to criticize some of cryptocurrencies just amid a decline among several altcoins, such as Ethereum, BNB, XRP, Solana, Cardano and Avalanche.

For Minerd, most cryptocurrencies are junk and that’s why we’re seeing the recent collapse.

“We see the crypto market collapse as knowledge.

Let’s face it, most of these coins are not coins, they are bullshit. Most cryptocurrencies are rubbish.” Minerd added.

Minerd is a relatively controversial person in the crypto market, who has made several predictions that Bitcoin will hit stratospheric prices and later said it’s all a bubble.

He has even been accused of using his opinion to manipulate the market and “buy at a discount.”

Still, the strategist predicts that both Bitcoin and Ethereum will survive the current crypto market crash.

Minerd also compared the current market situation to the dotcom bubble of the early 2000s.

“If we were in the internet bubble here, we’d be talking about how Yahoo and America Online were the big winners,” he said.

“I don’t think we have the right prototype for cryptocurrencies yet”he added, declaring that currency should store value, be a medium of exchange and a unit of account.

Minerd ended the interview by saying that further technological advancements could change that and help create an ecosystem where people get used to using cryptocurrencies for transactions and feel confident that they will keep their value.