Credit: Original article published by CryptoPotato.

Bitcoin’s Sunday retracement could be just the start of a massive correction that could drive the asset all the way down to $20,000, said Guggenheim Partners’ CIO, Scott Minerd. However, the executive remains bullish on the long-term future of the cryptocurrency, suggesting a possible price tag of up to $600,000 in the next few years.

BTC’s Retracement to Take it to $20K?

Ever since bitcoin reached its latest all-time high at $65,000 last week, the asset started to retraced slightly. The situation intensified during the weekend, and in a matter of hours, BTC plummeted to a 3-week low of $51,500.

Despite recovering a few thousand dollars since then, bitcoin still suffers and is unable to come anywhere near its highs above $60,000. Scott Miners, the chief investment officer of the Wall Street behemoth, Guggenheim Partners, touched upon the retracement during a recent CNBC interview. However, he believes there’s more pain coming in BTC’s way.

“Given the massive move we’ve had in bitcoin over the short run, things are very frothy, and I think we’re going to a have a major correction in bitcoin.”

The executive went even further and provided a more specific target – he noted bitcoin could slump by more than 50% from its current position to test the 2017 record of around $20,000.

Although such a substantial price slump would be highly harmful to the primary cryptocurrency, Minerd called it a part of “the normal evolution in what is a longer-term bull market.”

Scott Minerd. Source: Reuters

It’s worth noting that Minerd has made such pessimistic price predictions in the past as well. Back in January, when BTC had just painted a record at $42,000, the executive projected a dump to $20,000 again. He even said bitcoin might not surpass $40,000 by the end of the year. It took the asset less than a month to prove him wrong.

$600K Still on the Map

Apart from his short-term views on bitcoin, Minerd, and Guggenheim Partners, are significantly more bullish on its development for the long-term.

He made somewhat shocking comments earlier indicating that the Wall Street giant sees BTC reaching $400,000 or even $600,000 if it follows and surpasses gold. During today’s interview, Minerd doubled down on this rather optimistic price prediction.

Should BTC indeed skyrocket to $600,000 per coin, its market capitalization will be over $11 trillion – or roughly 5x higher than the world’s most valuable company – Apple. This will put the cryptocurrency on the same playing field as gold, whose estimated market cap is around $11 trillion as well.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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