Few things excite the cryptocurrency world like speculation and discussion of the current or future price of bitcoin. Whether it's a price hike that launches a million tweets about bitcoin "going to the moon" or a price drop that validates bitcoin opponents, the community loves to discuss bitcoin's price.
Experts also rate the price of bitcoin quite frequently, whether they predict it will fall or say it will reach a certain point. The latest of these comes from Scott Minerd who, in a recent interview, suggested that bitcoin could see a price drop of up to -50% from its current price.
What happens to Bitcoin
In the interview, Minerd, who works at Guggenheim Partners, said he is a fan of bitcoin and expects the digital asset to be successful in the long run. However, its latest bullish run raises some concern. He believes the current bull run has been too fast and the market may soon see a wild correction in response.
As bitcoin now has an all-time high of over $ 64.863, Minerd has expanded the price at which this correction would be possible.
"I think we could go back to $ 20.000 or $ 30.000 per bitcoin, which would be a 50% drop, but the interesting thing about bitcoin is that we've seen this kind of drop before," he said.
However, Minerd does not expect these declines to be long-term, but believes the bitcoin market will rise again to around $ 400.000 or $ 600.000. Given the history of bitcoin, this is not entirely unusual.
After hitting its previous all-time high of around $ 20.000 in 2017, bitcoin's price fell sharply, with many wondering if the price would ever rise again. Now that it has seen a new bull run, it is not out of the question that a major market correction will occur before another significant bullish cycle.
This current phase has persisted for months, with bitcoin growing in value multiple times, and as the market is more mature with more institutional support from companies like Tesla and WeWork, it is not surprising that this bullish race has been so. long.
So don't panic
Although Minerd expects further declines for the quotation of BTC, is also optimistic about its future. For this reason, if there are other dramatic drops, there is no need to panic.
HODL is currently the best strategy you can follow to make long-term profits. Think of those who bought BTC after the collapse of 2017, with the new all-time highs, certainly made a huge profit.
This is why those who want to speculate on this digital currency in the short term often fail. The market is still too volatile. But in the long run, success is almost guaranteed.
