“A Massive Drop Before Hitting $ 600K” – A New Bitcoin Price Prediction. Scott Minerd, Chief Investment Officer (CIO) of Guggenheim Partners, gave his opinion …

The latest correction in the price of Bitcoin (BTC), close to 20%, again awakened both bullish and bearish forecasts in the ecosystem’s referents. Some of them, like the chief investment officer at Guggenheim Partners , believe that BTC could make the great leap in its history , but not before experiencing a violent setback .

Scott Minerd , Chief Investment Officer (CIO) at Guggenheim Partners, suggested that last weekend’s slide can be read as just the first step in a “massive correction” that could hit lows near $ 20,000. However, long-term projections lead you to imagine a cryptocurrency trading at $ 600,000 .

“Given the massive movement we have had in BTC in the short term, things are very foamy and I think we are going to have a major correction , ” the CIO slipped in an interview with CNBC.

Despite the panic his prediction generated among the most enthusiastic followers of the market, Minerd explained that it is a process that is part of the ” normal evolution in what is a long-term bull market . ” Such an evolution, as he remarked, would take the leading cryptocurrency well above half a million dollars.

When BTC reached its last peak, the crypto market outnumbered all private companies in the world . The milestone – having reached $ 2.2 trillion – was just the first step in the great leap that everyone expects. The next big target is gold, the world’s largest-cap asset at $ 11 trillion.

If Minerd’s projections are met and the price of BTC reaches $ 600,000, the leading cryptocurrency would on its own reach the capitalization of gold and become the largest store of value in history .