Bitcoin (BTC) Above $22K, Guggenheim’s Scott Minerd Predicts $400,000 Target

There’s no stopping the Bitcoin (BTC) price rally at the moment as the world’s largest cryptocurrency has surged over 13.5% to move past $22,000 levels hitting a new all-time high. The Bitcoin Charts on CoinMarketCap shows that it has moved all the way to $22,066 before recovering marginally.

At press time, BTC is trading at a price of $21,935 while crossing the market cap of $400 billion for the very first time in history. The daily trading volumes for BTC have also surged to a whopping $51.8 billion as of writing this article. With every new high, Bitcoin continues to enter unchartered territories also called the Bitcoin Price Discovery Mode.

Well, it unclear at this stage as to how BTC will behave as there is no historical BTC data available at this stage. However, if we see the Bitcoin trajectory since the bull run of October 2020, the BTC price can possibly move to $24K during the second half of this month. Similarly, it can surge all the way up to $35K by the first quarter of 2021.

If this trend continues the second half of December could see $24k #Bitcoin with a retracement to $21k and then $35k in Q1. Get ready for a hell of a ride!???? pic.twitter.com/4s8bP7Q2yc

— Bill Barhydt (@billbarhydt) December 15, 2020

The institutional money rain in Bitcoin doesn’t seem to stop anywhere. Just within the last 24 hours, three big giants – Ruffer LLC, CI Financial, and One River Digital – revealed their major Bitcoin (BTC) investments. Interestingly, many Bitcoin strategists expect that the recent Bitcoin rally has more steam left in it.

Guggenheim’s Scott Minerd Predicts $400,000 Bitcoin (BTC) Target

Speaking to Bloomberg TV, Guggenheim’s chief investment officer Scott Minerd has given a target price of $400,000 for Bitcoin (BTC). Minerd adds that this prediction is based on fundamentals given the “rampant money printing” by the Federal Reserve. The tweaking dollar and the rising inflationary pressure should eventually pull BTC to these levels, he adds.

"Our fundamental work shows that Bitcoin should be worth about $400,000," says Guggenheim's Scott Minerd https://t.co/9QyOWyYAVA pic.twitter.com/uojQqaKPia

— Bloomberg TV (@BloombergTV) December 16, 2020

Guggenheim has already applied with the SEC for a $500 million exposure to Bitcoin (BTC) via the Grayscale Bitcoin Trust (GBTC). This investment will be part of Guggenheim’s $5 billion Macro Opportunities Fund. With the recent Bitcoin rally, the total assets under management of the Grayscale Bitcoin Trust (GBTC) have moved past $11.5 billion. Also, shares of Bitcoin Trust (OTCMKTS: GBTC) are trading at an all-time high of $25.81

12/16/20 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.

Total AUM: $13.7 billion$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $XRP $ZEC pic.twitter.com/gXma8Xkk2k

— Grayscale (@Grayscale) December 16, 2020

Here’s what other analysts have to say about the further movement in Bitcoin Rally. Kay Van-Petersen, global macro strategist at Saxo Capital Markets Pte said that retail investors have been “largely out of this rally”. Thus, the BTC “price will now go from linear to parabolic,” he adds.

Speaking to Bloomberg, Craig Erlam, senior market analyst at Oanda Europe Ltd said:

“The move above $20,000 has been coming and I’m probably a little surprised it didn’t come sooner. Fed stimulus may have given it an extra kick but, let’s face it, Bitcoin doesn’t need it. A break above $20,000 may bring the buzz and a strong end to the year.”

Well, Bitcoin (BTC) price has literally tripled this year. Also, several cryptocurrency-linked stocks have also hit new highs this year.