Crypto Gartman? Bitcoin Spikes After Contrarian Indicator Scott Minerd Says It’s “In A Crash” And Could Go To $10,000

Crypto Gartman? Bitcoin Spikes After Contrarian Indicator Scott Minerd Says It’s “In A Crash” And Could Go To $10,000

Have we found the crypto-Gartman?

The price of Bitcoin just spiked higher after negative comments by Guggenheim’s Chief Investment Officer Scott Minerd, who can’t seem to make up his mind about the cryptocurrency.

Less than a year after predicting Bitcoin would go to $400,000, Minerd was on CNBC this morning crowing about how the crypto was “in a crash” that could take the digital asset to as low as $10,000 to $15,000.

The price of Bitcoin responded by immediately moving higher…

“When we look at the history of crypto and we look at where we are, I mean, I really do believe this is probably a crash, and you know a crash would mean we’d be down 70-80% which, let’s just say that’s between 10 and 15 thousand,” Minerd said on Friday morning. 

Seemingly unaware of his past analysis on the crypto, he continued Friday morning: “Put it this way, I wouldn’t be in a hurry to buy bitcoin and I don’t see any reason to own it right now. If you’re going to be a speculator, speculate that it’s heading lower.”

Minerd also said he though that a correction in stock was coming, but that we were “a long way from the end of the bull market”, follow-up reporting by Bloomberg said.

He predicted the 10 year Treasury under 1.5% for the year and even said it could move under 1% eventually. 

Minerd’s comments on Bitcoin are especially rich, given that back in December, Minerd predicted Bitcoin at $400,000 per coin. 

“Our fundamental work shows that Bitcoin should be worth about $400,000. It’s based on the scarcity and relative valuation such as things like gold as a percentage of GDP. So you know, Bitcoin actually has a lot of the attributes of gold and at the same time has an unusual value in terms of transactions,” he said, about 7 months ago.

You can watch video of part of Minerd’s Friday morning appearance on CNBC here

Tyler Durden
Fri, 07/09/2021 – 11:09

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