Guggenheim Partners: Bitcoin’s fall to $ 8000 is likely

Guggenheim Partners Investment Director Scott Minerd believes that the cryptocurrency market correction is not over and the bitcoin rate may drop to $ 8,000 in the near future.

During a conversation in the Squawk Box program on CNBC, Scott Minerd suggested that BTC could fall by another 70% from current levels: «When you repeatedly break through the $ 30,000 level, the lowest point might be $ 8,000. So, I think there is still room for a significant drop, especially if the Fed behaves quite harshly.»

Minerd said that most cryptocurrencies are just scum, but bitcoin and ether have a long-standing foothold in the digital asset market and will therefore survive. Many people agree with his statement — recently, Dogecoin co-founder Billy Marcus voiced a similar position.