Markets are dynamic and price targets or forecasts must be adjusted to reflect this. This is part of trading and any change in forecasts or price targets should not surprise traders.
Scott Minerd’s latest statements should therefore not be taken too seriously. In an interview with Daily Reuters, he mentioned the possibility that Bitcoin’s price might not have reached its bottom for a while. It is possible, however, that the market may continue to move in a sideways fashion for many years and bottom somewhere between $ 10,000-$ 15,000.
At a staggering $400,000, his forecast was much more optimistic at the end 2020. Minerd changed his mind several times in the year 2021, calling the crypto asset market a ” Tulipmania” at the end May. Three days prior to the interview with CNBC, Minerd reported on Twitter. He identified the $20,000 mark as an avenue of support for BTC rates.
Last line of defense
You can see historical resistance in the area that Minerd is targeting. Bitcoin has encountered resistance between $ 11,000 to $ 12,500 in 2018, 2019, and 2020. But it’s still a long way. The price must first break out from the current range and reach the bottom. However, a rapid decline to US$ 12,000. is possible even if this happens. An upside market that tends to fall is another option. This is similar to Minerd’s hypothetical scenario.