{"id":109737,"date":"2021-01-23T16:15:31","date_gmt":"2021-01-23T16:15:31","guid":{"rendered":"https:\/\/precoinnews.com\/?p=109737"},"modified":"2021-01-23T16:15:31","modified_gmt":"2021-01-23T16:15:31","slug":"investment-firm-giant-guggenheim-partners-says-bitcoins-bull-run-may-have-peaked","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/investment-firm-giant-guggenheim-partners-says-bitcoins-bull-run-may-have-peaked\/","title":{"rendered":"Investment Firm Giant Guggenheim Partners Says Bitcoin\u2019s Bull Run May Have Peaked"},"content":{"rendered":"
Guggenheim Partners chief investment officer (CIO) Scott Minerd says bitcoin\u2019s bull run may have peaked following its surge above $40,000.\u00a0<\/p>\n
Speaking in an interview with CNBC on Tuesday, Minerd said bitcoin\u2019s price appeal was cooling off and that the cryptocurrency could retrace back to $20,000.\u00a0<\/p>\n
He said,\u00a0<\/p>\n
For the time being, we have probably put in a top for bitcoin (BTC, -10.05%) for the next year or so.<\/p>\n
Bitcoin had previously recorded a record high of $41,962 on January 8 before dipping back into the $30k range.\u00a0<\/p>\n
Minerd continued, saying the pullback was not unexpected. He explained that price dips tend to follow rallies, such as bitcoin\u2019s epic run to end 2020.\u00a0<\/p>\n
When we have a doubling of a price of an asset in the course of a month, we are prone to having a setback.<\/p>\n
In an interview with Bloomberg last month, the Guggenheim CIO said bitcoin\u2019s 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.\u00a0<\/p>\n
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.\u00a0<\/p>\n
Featured Image Credit: Photo via Pixabay.com<\/em><\/p>\n