Bitcoin (CCC:BTC-USD) just lost one of its biggest allies. Guggenheim’s (NYSE:GOF) chief investment officer (CIO) just jumped off the Bitcoin train, even in its full-speed-ahead bull run past $60,000. And while this might not seem like a big deal, it could definitely put a damper on Bitcoin price predictions heading toward the future.
Scott Minerd is not just a Bitcoin bull who bought some coins and has been sitting on them. Rather, the CIO of Guggenheim Partners is one of the most vocal bulls there is on the currency. Earlier in the year, Minerd went so far as to target a whopping $600,000 price target for Bitcoin.
This summer, investors saw Minerd renege heavily on his bullish prediction. As Bitcoin careened back toward the Earth from its all-time high of over $64,000, Minerd said we could expect to see Bitcoin fall to as low as $10,000 with the correction; it’s worth noting that he did not back off of his future prediction of $600,000 at the time.
Now though, it appears that the investing magnate is ditching Bitcoin altogether. While BTC knocks on the door of a new all-time high, Minerd is announcing that he is no longer invested in the currency. Minerd says that since he doesn’t “fully understand” Bitcoin and its driving forces, he does not want to expose himself to the market.
Bitcoin Price Predictions: Does Minerd’s Announcement Change Anything?
Like it or not, Minerd’s comments do have an effect on the price potential of Bitcoin. Many investors gauge their own feelings on the asset class using influencers like Minerd, and his backing out might give some cold feet. But is this announcement going to give Bitcoin any hard times in overcoming its all-time high and shooting toward these $100,000-plus price targets? Let’s look at some Bitcoin price predictions and see where technical analysts expect BTC to go in the wake of Minerd’s comments:
- WalletInvestor sees Bitcoin nearing the $100,000 mark in only a year’s time. By October of 2022, the site expects BTC to reach a price of $91,812.
- Gov Capital thinks Bitcoin will need a bit more time to come that close to the milestone. Its 12-month prediction targets a value of $82,198 for the coin.
- The Economy Forecast Agency thinks that by December, BTC will be worth $74,441. By October of 2022, the site expects a price of $154,952.
- CoinPriceForecast thinks that in just two months, Bitcoin could surge to values as high as $91,722.
On the date of publication, Brenden Rearick 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.
