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Crypto Industry News:
In an TV interview, Scott Minerd, Guggenheim Partners' investment director, explained his seemingly conflicting views on Bitcoin's potential and revealed that selected private Guggenheim funds have invested in the cryptocurrency.
Minerd, which oversees Guggenheim's $ 275 billion-managed assets, predicted an exorbitant $ 400,000 target price for Bitcoin in an interview late last night - easily one of the loftiest price predictions from a top-tier chief - but recently said in a tweet last week that the market may overheat. The turn even sparked joking accusations of market manipulation.
However, as Minerd said, its long-term bullish target price remains intact, while a bearish fall may still be there.
When asked if any Guggenheim funds have made the jump to Bitcoin, Minerd said, "I don't think we'll be successful with any of our mutual funds yet," although the company would consider allocating if customer demand increased.
Some of Minerda's predictions are rooted in long-term historical analysis. Earlier in an interview, he noted that "we can enter the golden age" and that "comparisons have been made to the 1920s after the Spanish flu."
Technical Market Outlook:
The BTC/USD pair has broken below the level of $34,000 as the market keeps trading under the short-term trend line resistance. This means the market is trying to break out to the downside from the narrow range located between the levels of $34,00 - $37,000. Any violation of any of this levels would meant the up trend continuation or deeper corrective cycle towards $27,000. On the other hand, any trend line breakout and violation of the level of $37,000 will be the trigger for bulls to continue the bounce towards the level of $39,000. The momentum indicator remains neutral, but the longer time frame up trend is intact.
Weekly Pivot Points:
WR3 - $50,241
WR2 - $45,262
WR1 - $41,218
Weekly Pivot - $35,725
WS1 - $31,875
WS2 - $26,553
WS3 - #22,402
Trading Recommendations:
Bitcoin made another ATH and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $50,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $20,000 is clearly broken.
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