Guggenheim’s CIO is reiterating the $ 20,000 Bitcoin price prediction as BTC has doubled since the last warning

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Investment giant Guggenheim’s chief investment officer has reiterated his warning that Bitcoin (BTC) will crash to $ 20,000.

In an interview with CNBC on April 20, Scott Minerd warned again that a pullback could cause Bitcoin to lose half of its value.

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“Given the massive move we had in bitcoin in the short term, things are very frothy and I think we need to make a major correction in bitcoin,” Minerd told the network.

Bitcoin stayed near $ 55,000 on April 21, after bouncing off $ 52,000 on its bull market last retreat in 2021.

For Minerd, who last claimed BTC / USD would return to $ 20,000 in January, such an event would be part of the ups and downs of a normal market cycle. His longer-term forecast of $ 400,000 per bitcoin still stands, he said.

“I think we could go back to $ 20,000-30,000 on Bitcoin, which is a 50% drop, but the interesting thing about Bitcoin is that we’ve seen these kinds of drops before,” he continued.

Minerd, who previously sparked controversy over his BTC price comments, wasn’t alone in his bearish short-term forecast, however. As reported by Cointelegraph, analysts at JPMorgan Chase also sounded the alarm this week. Their concern centered on the futures markets.

A very average BTC pullback

In response, Bitcoin’s proponents rejected any idea that deeper losses were inevitable, citing a combination of factors including strong indicators in the chain.

“Wrong,” replied Anthony Pompliano, co-founder of Morgan Creek Digital, Minerd.

On January 20, the executive claimed that Bitcoin had set a price cap for the rest of the year. Since then, BTC / USD has more than doubled.

“In 2017, the average correction of the BTC bull market lasted 16 days. This latest retreat lasted only 7 days,” noted the popular Twitter account Rekt Capital of the current price development.

“While corrections typically take a few weeks … they are very brief in the larger scheme of the overall bull market.”

BTC / USD corrections during the 2017 bull cycle. Source: Nathaniel Whittemore / Twitter