During his June 25 CNBC appearance, Guggenheim CIO Scott Minerd said that $10,000 would be Bitcoin’s “real bottom” based on the current technical picture.
However, he concedes that such an uber-bearish price target would be “a little extreme,” thus settling with a more conservative $15,000 price call:
The real bottom, when you look at the technicals, $10,000 would be the real bottom. You know, that’s probably a little extreme, so I would say $15,000.
Bitcoin’s quick recovery to the $35,000 level ended up being a bull trap. The cryptocurrency has now slid below $32,000, with bears seemingly having the ball in their court.
Minerd claims that investors who want to get into the flagship cryptocurrency shouldn’t be in a hurry:
I don’t think people need to be anxious to be putting money in bitcoin right now.
The largest cryptocurrency would need to correct another 68 percent in order to reach Minerd’s most pessimistic target.