The price of Bitcoin (CCC:BTC-USD) has been extremely volatile in recent months. Currently trading around $33,000, this cryptocurrency has approximately halved from its peak. Accordingly, those making headlines with Bitcoin (BTC) price predictions are being closely watched today.
Among the most high-profile Bitcoin price predictions has come from Scott Minerd of Guggenheim this past week. On Friday, Minerd went on CNBC and touted a potential downside target price of $10,000 for Bitcoin. This call has certainly grabbed investor attention.
Indeed, Bitcoin’s downside move of more than 2% over the past 24 hours may be due in part to this call. However, it’s worth noting the crypto space has been under extreme pressure. Accordingly, it’s unclear as to whether this is just a well-timed call, or if there’s more causation than correlation happening here.
That said, let’s dive into why Mr. Minerd believes Bitcoin could potentially have much more room to slide from here.
Bitcoin (BTC) Price Predictions: Where Is the No. 1 Crypto Headed?
Scott Minerd has been touted as one of the most bullish analysts on Bitcoin. This has certainly been true in the past. But now, he is eyeing moves in a different direction for BTC. His lowering of where the real bottom in Bitcoin could be just got downgraded to $10,000 from $15,000 just one month ago.
Mr. Minerd’s view is outright bearish right now. He believes Bitcoin is in the middle innings of what could be a serious correction. His comments on the subject were telling:
“When we look at the history of crypto and we look at where we are, I mean, I really do believe this is probably a crash. And, you know, a crash would mean we’d be down 70% to 80%, which, let’s just say that’s between $10,000 and $15,000. … Put it this way, I wouldn’t be in a hurry to buy Bitcoin. And I don’t see any reason to own it right now. If you’re going to be a speculator, speculate that it’s heading lower.”
These comments are in direct contradiction to Mr. Minerd’s previous bullish price targets. His previous upside target of $600,000 for Bitcoin, preceded by a fundamental analysis that showed Bitcoin could be worth $400,000, certainly marked some of the most bullish targets on the Street.
This flip-flopping appears to reflect investor sentiment right now. Indeed, investors are unsure as to which direction Bitcoin could be headed. And more bulls are turning into bears than the other way around. For Bitcoin prices, this isn’t good, at least in the short term.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.