Scott Minerd of Guggenheim Partners doesn't rule out BTC's drop to $8K

Bitcoin again sank below $30,000, altcoins are also losing today. Against the backdrop of prolonged market stagnation, many experts began to revise their forecasts for the worse.

If at the end of 2020 the investment director of Guggenheim Partners Scott Minerd stated that BTC should trade at $400,000, now he believes that the coin could face a catastrophic scenario.

The top manager said that the cryptocurrency could crash to $8,000 following a bearish cycle. That is, the coin is threatened with a collapse of about 70% of its current values.

Such a negative scenario will become inevitable if the Federal Reserve maintains a tight monetary policy and again goes to increase the discount rate.

The $8,000 mark will be the bottom for bitcoin, and now the probability of a rollback is much higher than the resumption of expansion, a top manager at Guggenheim Partners emphasized.

Note that recently Scott Minerd called most digital currencies "garbage". In his opinion, only a few coins will remain on the market, and the rest will most likely disappear.