Bitcoin: the first cryptocurrency could fall to $8,000 according to an expert – BeinCrypto International

Predicted as one of the great survivors of the cryptocurrency crash, Bitcoin may still struggle to keep up.

A new fall is still possible

When we look at the current price of Bitcoin, we can say that things could have been worse. So far, the little orange coin has been able to hold its own around $30,000 and has given its many investors some breathing room. However, according to Scott Minerd, chief investment officer at Guggenheim Partners, the nightmare is far from over.

Recognized for his market analyzes and for his many financial warnings on Twitter, Scott Minerd has not deviated from his habits and is sounding the alarm. For him, a new fall of Bitcoin is still possible and, this time, the first cryptocurrency could see its value reach the $8,000.

When you regularly drop below $30,000, $8,000 is the ultimate floor. So I think there’s a lot more chance of it going down, especially with the Fed still being very restrictive.

Scott Minerd during an interview for CNBC

Source: Scott Minerd’s Twitter account

Good news, however, according to him, this floor should not be exceeded. Bitcoin therefore has a chance of doing much better than Terra and is not in danger of disappearing. Nevertheless, according to Scott Minerd, if such an event were to occur, the majority of cryptocurrencies would not survive. For the expert, most digital currencies are just ghost currencies subject to volatility and speculation; they therefore have no value as a real currency and will not be able to face a further fall since all the tokens would be sold in a panic.

Nevertheless, Bitcoin should endure in the long term

Before seeing all the investors panicking and reselling the contents of their crypto portfolio, here is something to be reassured about. For Scott Minerd, despite a possible further fall, Bitcoin does not have much to fear from the future. Even better: as time goes by, cryptocurrencies should be more and more considered.

I think Ethereum and Bitcoin will be the big survivors of the crisis. [… ] Technology will follow and if we can create an ecosystem where we can effectively use cryptocurrencies for transactions while keeping things affordable and comfortable for the public, if the population understands the value of digital currencies, then blockchain can be regulated and considered as a true currency.

Scott Minerd during an interview for CNBC

Anyway, for now, Bitcoin’s decline to a value of $8,000 is far from certain since the price of the small orange coin seems to be holding up despite some rebounds. Lately, the first cryptocurrency even briefly reached $32,000. Enough to give hope to the entire crypto sphere despite curves continuously in the red for almost nine weeks. What also give some colors to the other parts which are struggling to bounce back. Time will tell if Scott Minerd’s predictions were accurate; however, it seems that we still have to wait a few more weeks before we know for sure.

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Bitcoin: the first cryptocurrency could fall to $8,000 according to an expert – BeinCrypto International


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