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Bitcoin's record-shattering surge is unsustainable now that the $35,000 level has been breached, says Guggenheim's Scott Minerd

Scott Minerd guggenheim
  • Guggenheim's Scott Minerd said bitcoin's surge is unsustainable and investors should consider taking profits now.
  • The global chief investment officer tweeted early Monday morning:  "Bitcoin's parabolic rise is unsustainable in the near term.  Vulnerable to a setback. The target technical upside of $35,000 has been exceeded.  Time to take some money off the table."
  • Bitcoin plunged as much as 10% on Monday to $31,590. It's lost over $10,000 in value after hovering near $42,000 last week.
  • Watch Bitcoin trade live here

Bitcoin's recent record surge is unsustainable and investors should consider taking profits now, said Guggenheim's Scott Minerd.

The global chief investment officer tweeted early Monday morning:  "Bitcoin's parabolic rise is unsustainable in the near term.  Vulnerable to a setback. The target technical upside of $35,000 has been exceeded.  Time to take some money off the table." 

Bitcoin broke past the $35,000 level on Jan. 5, and rallied all the way to a record high of $41,946 last Thursday. Now the cryptocurrency is taking a beating. It plunged as much as 10% on Monday to $31,590. The coin has seen its biggest two-day decline since March, dropping over 21% over Sunday and Monday. 

Read more:BANK OF AMERICA: Buy these 10 Dow stocks to take advantage of rich dividends and a long-term strategy primed for a comeback in 2021

In December, Minerd said that bitcoin should be worth $400,000 based on its scarcity and value relative to gold. His comments came a month after Guggenheim Partners filed with the SEC to invest up to $530 million into bitcoin through the Grayscale Bitcoin Trust. That filing will go into effect on January 31. 

In the SEC paperwork, Guggenheim suggested it still sees several risks to the "highly volatile" coin. The firm said the cryptocurrency's value "could drop precipitously" for reasons including regulatory changes, a change in user preference to a competing token, or a "crisis of confidence" in the Bitcoin network.

Read the original article on Business Insider




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