Guggenheim Partners investment director Scott Minerd said in an interview with CNBC that the price of the first cryptocurrency will drop to $15,000 or even $10,000.
In his view, investors should not worry about investing in bitcoin right now. Minerd stressed that the price of digital gold could move horizontally over the next few years until the cryptocurrency market becomes bullish again.
In December 2020, Guggenheim Partners predicted bitcoin to rise to $400,000. In January 2021, Minerd confirmed the prediction, but called for some profits to be locked in.
In February, he predicted the price of the first cryptocurrency would rise to $600,000.
In late April, Minerd warned of a possible bitcoin correction to $20,000, and in May he called digital assets a bubble amid a market crash.
At the time of writing, the first cryptocurrency is trading at $30,400, according to CoinGecko. The asset has a capitalisation of $570bn.
Recall that Robert Kiyosaki, author of the bestseller "Rich Dad, Poor Dad" and entrepreneur, predicted "the biggest crash in world history" and predicted the bitcoin price would fall to the $24,000 level.