Bitcoin could fall to $8,000, a more than 70% plunge, Guggenheim’s Minerd says

CNBC/Lauren Feiner and Arjun Kharpal/5-23-2022

graphic image of a melting bitcoin“‘When you break below 30,000 [dollars] consistently, 8,000 [dollars] is the ultimate bottom, so I think we have a lot more room to the downside, especially with the Fed being restrictive,’ Minerd told CNBC’s Andrew Ross Sorkin in a ‘Squawk Box’ interview at the World Economic Forum in Davos, Switzerland on Monday.”

USAGOLD note: Bitcoin finds itself more closely allied with tech stocks than gold in the trading realm. If Minerd is correct, bitcoin’s collapse could be part of a much wider meltdown.

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