Guggenheim CEO Skate Maynard says the price of bitcoin could go up to $ 600,000; But before that it could fall to $ 20,000.
to the the report Crypto Potito Scott Minerd, chief information officer of Guggenheim Partners, believes that the price of bitcoin will rise in the long run; But before that it could fall as low as $ 20,000. According to Minred, the price correction we saw on Sunday may be the beginning of more drastic corrections and may even reduce the price of this digital currency to $ 20,000; But the price of bitcoin will eventually rise in the long run. Minerd believes that the price of bitcoin could rise to $ 600,000 in the coming years.
The price of Bitcoin has improved after setting a historical record of $ 65,000. The decline in the price of Bitcoin intensified this week, and within a few hours, the price of this digital currency reached $ 51,500 (the lowest price in the last three weeks).
Although the price of bitcoin has risen slightly since then, it has not yet reached $ 60,000. In a recent interview with CNBC, Scott Maynard referred to the Bitcoin price correction and said:
The price of Bitcoin experienced a dramatic increase in a short period of time and somehow experienced a bubble. Now we have to wait for a sharp correction in the price of this digital currency.
Minard went even further, saying that the price of Bitcoin will reach its 2017 record of $ 20,000 with a more than 50% correction. He added that while such a price correction could be to the detriment of bitcoin in the short term, it was “part of the process of bitcoin advancement and reaching the final uptrend”.
It should be noted, however, that Minard had previously made predictions that the price of bitcoin would fall. In July, for example, after Bitcoin hit a record $ 42,000, Minard again referred to $ 20,000 and said that the price of bitcoin would rise to $ 20,000. He even believed that the price of bitcoin would not exceed $ 40,000 by the end of the year; But less than a month later, the opposite was true.
Aside from Minred’s predictions about bitcoin performance in the short term, he and the Guggenheim Partners view the long-term bitcoin market as bullish. In surprising remarks, Minerd estimated the target price for Bitcoin at $ 400,000 or even $ 600,000.
If the price of a bitcoin unit rises to $ 600,000, the total market value of this digital currency will reach $ 11 trillion; That’s more than five times as much as Apple, which is currently the most valuable company in the world. It is interesting to know that the total value of the gold market is estimated at about $ 11 trillion. So this could equate the market value of bitcoin to the market value of gold.