CIO of Guggenheim Makes Bearish Predictions for Bitcoin

Speaking in a recent interview with Bloomberg TV, Scott Minerd—the CIO of Guggenheim Partners—noted that institutional demand for Bitcoin (BTC) will not be enough to sustain the cryptocurrency above the $30k psychological mark.

Minerd believes that the benchmark cryptocurrency is far away from $35k or even $30k if it were relying on just institutional investment. His reason for this opinion is that the institutional-level business is “just not there yet.”

However, the CIO also mentioned that he still believes Bitcoin is a viable asset class, just in the long-term sense.

It is worth mentioning that institutional investment in BTC was a crucial factor in the cryptocurrency’s recent foray to the $42k all-time high. Corporate interest in Bitcoin peaked over the past few months, with institutional giants like MicroStrategy making significant allocations of funds for their BTC-oriented future.

Minerd also holds some very bullish sentiments about Bitcoin and its future. Just last month, Guggenheim’s CIO made a massive BTC prediction of $400,000 in the long run.

However, he added a caveat that the primary cryptocurrency could still drop to $20k this year. To cap his bearish BTC predictions, Minerd noted that now is probably a “good time to take money off the table.”

Key BTC Levels to Watch — January 28

Bitcoin is now on a recovery path from yesterday’s price fallout to the $29,400 area. The cryptocurrency is now heading towards the crucial $33,000 resistance once again, where its next sustained move will likely be determined. A break above the $33k level could boost the price to the $35k resistance and higher, while a failure to break that level could send it down to the $30k area once again over the coming days.

Nonetheless, a break above the $33k resistance seems like a more possible occurrence given the momentum currently driving the market.

Meanwhile, our key resistance levels are at $33,000, $34,000, and $35,000. While our key support levels are at $32,000, $31,000 and $30,000.

Total Market Capitalization: $968 billion

Bitcoin Market Capitalization: $609 billion

Bitcoin Dominance: 62.9%

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