Bitcoin price pivotal support level at around $30,000 may soon fail, said Guggenheim’s Scott Minerd

By Selena On Jul 17, 2021

As AZCoin News mentioned, when Bitcoin price fails to hold the support at $31,000 and drops to the $30,000 region, it is likely to fall below $29,000 and at worst $24,000. But it seems that the $30,000 level is a pretty remarkable milestone because the possibility of breaking it is also quite high.

Scott Minerd, chief investment officer at investment firm Guggenheim Partners

Guggenheim’s Scott Minerd claims that Bitcoin price key support level may soon break

First, this view is reinforced by Minerd. According to him, Bitcoin’s key support is at around $30,000 and it may fail soon. He each that it keeps becoming weaker with a new test.

A technician’s rule to remember with Bitcoin: “Every time a support level is tested it becomes weaker.” That would mean support for $30,000 may soon fail.

— Scott Minerd (@ScottMinerd) July 16, 2021

Not long ago, CEO of Euro Pacific Capital, Peter Schiff shared on Twitter that the share price of Galaxy Digital Holdings (GLXY) has plummeted 63% from the historic peak of $33.80 reached on April 13, when the volume was close to 830,000. This GLXY drop is definitely not good for Bitcoin and he expects that this drop could even push Bitcoin below the $30,000 support.

11% down now. It’s dropping like a stone. Wait until #Bitcoin breaks below $30k.

— Peter Schiff (@PeterSchiff) July 15, 2021

Peter Schiff believes that GLXY falling for a long time is not a good sign for Bitcoin. As a gold fan, Schiff does his best to campaign against Bitcoin. However, he tweets too often about Bitcoin. He assumes that when Bitcoin drops below $30,000, GLXY could fall even further.

During today’s trading session, as AZCoin News reported, Bitcoin fell to as low as $31,012 but then it fell back to the lows of $32,000.

Prior to that, Minerd also predicted that Bitcoin could drop. However, he concedes that such an uber-bearish price target would be a little extreme, thus settling with a more conservative $15,000 price call:

“The real bottom, when you look at the technicals, $10,000 would be the real bottom. You know, that’s probably a little extreme, so I would say $15,000.”

He then reiterated his call for a price cut, claiming that Bitcoin was in the middle of a crash. After the massive plunge in May and failure to find a foothold above $41,000 in June, Bitcoin has now been confined for more than a few weeks.

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