Guggenheim’s Scott Minerd says Bitcoin is unsustainable, urges investors to sell

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Scott Minerd Bitcoin
Scott Minerd Bitcoin

Scott Minerd,  the Global Chief Investment Officer of Guggenheim said the parabolic rise of Bitcoin is unsustainable in the near term. He is encouraging investors to sell now to make a profit. 

In a tweet on Monday, Minerd wrote, “Bitcoin’s parabolic rise is unsustainable in the near term. Vulnerable to a setback. The target technical upside of $35,000 has been exceeded. Time to take some money off the table.”

His tweet resulted in Bitcoin price plunging 10% to around $31,000 from $41,000 last week.

Since December, the most valuable cryptocurrency has been rallying and its market cap surpassed Facebook’s and even exceeded the top 10 world banks.  Minerd’s warning disrupted the rally. The $10,000 price drop is Bitcoin’s biggest since March 2020. 

Ironically, Minerd previously predicted that Bitcoin could reach $400,000 because of its scarcity and the increasing interest of institutional investors. Furthermore, Guggenheim Partners opted to invest $530 million in the cryptocurrency through Grayscale Bitcoin Trust.