Guggenheim’s Scott Minerd Foresees $8,000 Bottom for Bitcoin

Scott Minerd, a prominent market analyst with Guggenheim Partners, is not discounting further drop in the price of Bitcoin ( ) as the bear market rages on.

Speaking to CNBC’s Squawk Box host in Davos, Minerd said while the current technicals of the Bitcoin are strong, we cannot discount the role of the US regulators, who are being very restrictive when it comes to digital currencies.

The prediction of an $8,000 bottom deviates wildly from the $400,000 call back in December 2020, but according to Minerd, is contingent upon the fact that the premier cryptocurrency can break below the $30,000 support, which it has done consistently for some time now.