The chief investment officer of Guggenheim, Scott Minerd, has predicted more sell-off for bitcoin. He also warned that it will take a while for the cryptocurrency to return to its previous highs. However, in the long term, Minerd has predicted that bitcoin’s price could rise to $600K.

Bitcoin Sell-Off to Continue, Minerd Says

The chief investment officer (CIO) of Guggenheim Partners, Scott Minerd, has made another bearish prediction for bitcoin’s price in the short term. Minerd is also the chairman of Guggenheim Investments, the global asset management and investment advisory division of Guggenheim Partners. Guggenheim Investments has about $270 billion in total assets under management across fixed income, equity, and alternative strategies.

He told CNBC on Tuesday that bitcoin has not hit its bottom just yet, emphasizing:

You can afford to be patient here. There’s more to go.

He explained that bitcoin had gone “exponential” and it will take some time for the cryptocurrency to return to its previous highs. He believes that an obstacle to bitcoin will be that some investors are now moving capital away from BTC into competing cryptocurrencies.

Furthermore, “Any market that goes exponential is automatically unsustainable. I just looked at it and realized that given the size of the move, which was essentially a mania or a bubble, that traditionally you get 50% to 75%, declines coming out of the top of the bubble,” the CIO opined.

Minerd has been predicting a decline in the price of bitcoin for months. In April, he warned of a major correction in the cryptocurrency that could send its price down 50% to the $20K-$30K level. He said the BTC price at the time looked “very frothy.” Soon after his prediction, bitcoin’s price fell to the $30K level.

In the long term, however, the CIO has predicted that the price of bitcoin could reach $600K. “If you consider the supply of bitcoin relative, let’s say, to the supply of gold in the world … You’ll be talking about $400K to $600K per bitcoin,” he said in February. “That’s an indication of what might be a fair value. That gives you a lot of room to run.” He ultimately sees bitcoin and ether as “winners” in the cryptocurrency market.

What do you think about Guggenheim CIO Scott Minerd’s bitcoin prediction? Let us know in the comments section below.