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

In a recent tweet, Scott Minerd, chief investment officer at investment firm Guggenheim Partners, has opined that Bitcoin’s pivotal support level at around $30,000 “may soon fail.”      

He believes that it keeps becoming weaker with each 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

Earlier today, Bitcoin dropped as low as $31,012 on the Bitstamp exchange, but it then managed to bounce back to the low-$32,000 region. The largest cryptocurrency is currently trading in the green.

Minerd predicted that Bitcoin could sink to $15,000 or even $10,000 in late June.

Later, he reiterated his bearish call, claiming that Bitcoin was in the middle of “a crash.”

After its massive plunge in May and a failure to find footing above the $41,000 level in June, Bitcoin has now been range-bound for over three weeks.

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