Estimates From An Expert Bitcoin Price Could Drop To 8,000 dollars

DIGITAL MONEY NEWS-Hearing more negative speculation will be unpleasant for investors as the disastrous effects of the recent bloodshed have slowed the crypto market. But unfortunately, one expert predicts Bitcoin will be far below.

Scott Minerd, Chief officer at Guggenheim Partners, a global investment and advisory firm that handles $325 billion under his management, speculates that Bitcoin price could drop to $8,000. He is the same person who once said in December that “The price of Bitcoin should be $400,000.”

Speculation refers to a nearly 70% drop in the price of BTC today, fluctuating around $30,000.

BTC Could Fall With The Fed Going Restrictive

Speaking with CNBC's Andrew Ross Sorkin in an interview held Monday at the World Economic Forum, Switzerland, he said;

When you break below 30,000 [dollar] consistently, 8,000 [dollar] is a low point, so I think we have more room to go down, especially with the Fed capping.

Minerd highlights the relationship between BTC prices and Fed regulation and tightening policies.

Following the previous high on November 10, when BTC price hit $69,044, it was down about 58% of its value.

“Most of these currencies, they are not currencies, they are rubbish,” he added, saying that “I don't think we have seen a dominant player in crypto yet.”

Comparing the current situation to the dotcom bubble in the early 2000s, he said;

“If we were sitting here in an internet bubble, we'd be talking about how Yahoo and America Online were big winners,” adding that “Anyway, we can't tell you whether Amazon or Pets.com will be the winners.”

In addition, he urges that digital currencies are needed to store value. As well as, being a medium of exchange and a unit of account. “I don't think we have the right prototype for crypto yet,” Minerd said.

Bitcoin price is currently trading at over $29,000. | Source: BTC/USD price chart from TradingView.com Investors Seem Hesitant To Buy Bitcoin Down

The collapse of stablecoins, including TerraUSD (UST) and fellow token Luna, has dealt the market a crushing blow.

Edward Moya, an analyst with the well-known American forex and CFD trading platform OANDA, has commented that Bitcoin price is stable even with the broad risk rally on Wall Street. He added;

It looks like most crypto traders are hesitant to buy the dips. Which most likely means the bottom hasn't been created yet.

In addition, Moya spoke about European Central Bank President Christine, who previously said digital currencies were “worthless.”

“It is unlikely that any central bank head will endorse Btcoin or any other top coin. Especially since we are far from digital euros or dollars,” said Moya. “It doesn't look like bitcoin is going to really attract a huge inflow. Until investors believe most major central banks are nearing the end of their tightening cycle.”

He speculates that the price of the giant coin will probably remain choppy this summer.***