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Despite a strong show on Wall Street on Monday, the world’s largest cryptocurrency Bitcoin (BTC) failed to hold the $30,000 level. As of press time, Bitcoin is trading 2.82% down at a price of $29,226 with a market cap of $557 billion.
On Monday, May 23, Guggenheim Chief Investment Officer Scott Minerd spoke to CNBC adding that the Bitcoin price could drop further to $8,000 from here. This means, there’s a possibility of more than 70% correction from the current levels. During his interview with CNBC at the World Economic Forum in Davos, Switzerland, Miner said:
“When you break below 30,000 [dollars] consistently, 8,000 [dollars] is the ultimate bottom, so I think we have a lot more room to the downside, especially with the Fed being restrictive”.
Note that last year in July 2021, Minerd had also predicted BTC to touch $15,000 at the bottom of the sell-off. However, Bitcoin proceeded on hitting its all-time high of $69,000 later that year.
The Bitcoin price has been heading lower despite a strong show on Wall Street on Monday. On-chain data provider Santiment explains:
