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Investment Firm Giant Guggenheim Partners Says Bitcoin’s Bull Run May Have Peaked

Guggenheim Partners chief investment officer (CIO) Scott Minerd says bitcoin’s bull run may have peaked following its surge above $40,000.

Speaking in an interview with CNBC on Tuesday, Minerd said bitcoin’s price appeal was cooling off and that the cryptocurrency could retrace back to $20,000.

He said,

For the time being, we have probably put in a top for bitcoin (BTC, -10.05%) for the next year or so.

Bitcoin had previously recorded a record high of $41,962 on January 8 before dipping back into the $30k range.



Minerd continued, saying the pullback was not unexpected. He explained that price dips tend to follow rallies, such as bitcoin’s epic run to end 2020.

When we have a doubling of a price of an asset in the course of a month, we are prone to having a setback.

In an interview with Bloomberg last month, the Guggenheim CIO said bitcoin’s fair value was pegged at $400,000. However, Minerd warned a frenzy of speculation had overtaken the market for crypto, leading the investment firm to tread more cautiously.

Guggenheim Partners, an investment firm with over $230 billion in assets under management, reportedly began investing in bitcoin when the price was trading around $10,000.

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