BITCOIN SHOULD BE WORTH $400K, SAYS GUGGENHEIM INVESTMENTS!! $100K IS A RIDICULOUSLY LOW TARGET!!

➡️ Leverage OPM (Other People’s Money): http://opm.cryptonewsalerts.net

The global head of investment at the $270-billion asset management giant Guggenheim Investments says Bitcoin should be valued at $400,000.

In a new interview on Bloomberg TV, Scott Minerd says the firm’s fundamental analysis shows BTC is massively undervalued.

“We made the decision to start allocating Bitcoin when Bitcoin was at $10,000. It’s a little more challenging with the current price closer to $20,000.

Amazing over a short period of time how big of a run up we’ve had. But having said that, our fundamental work shows that Bitcoin should be worth about $400,000…

We’re going to monitor the market and see how trading goes but ultimately we want to buy it.”

Minerd points to BTC’s total supply cap of 21 million coins, the fact that it’s a purely internet-based monetary payments network and its ability to store value as core reasons for the analysis.

“It’s based on the scarcity and relative valuation such as things like gold as a percentage of GDP.

Bitcoin actually has a lot of the attributes of gold and at the same time has an unusual value in terms of transactions.”

Guggenheim Investments recently announced that it’s preparing to invest as much as half a billion dollars into BTC through the Grayscale Bitcoin Trust (GBTC).

In other trending Bitcoin News today:

Bitcoin Price Hits $23K As On-Chain Analyst Says $55K Is The ‘Next Landmark’

The Bitcoin price (BTC) has surpassed the $21,000–$22,000 resistance range to rise above a new high of $23,000 on Dec. 17. Meanwhile, on-chain analyst Willy Woo now says $100,000 is a “ridiculously low” target.

The $21,000 level was particularly important for Bitcoin to continue its rally in the near term. Exchange heatmaps showed stacked sell orders at around $21,000 to $21,500, which meant BTC price had to break through to see a broader uptrend.

Exchange heatmaps show no visible resistance levels and areas with large sell orders above $22,000. In the short term, this means the probability of BTC continuing its rally is high.

Due to the optimistic market sentiment and the sell-side crisis, Woo said the BTC Top Cap Model shows $100,000 is a “ridiculously low target.” He said:

“We are not at the all-time-high juncture where the BTC Top Cap Model starts curving upwards. Let’s see how high she runs in 2021. $100k is a ridiculously low target at the current trajectory. $55k is the next landmark – Bitcoin becomes a $1T macro asset bucket.”

Woo emphasized $55,000 as the milestone price for Bitcoin because it would mean BTC would have hit 10% of gold’s market cap.

Currently, gold’s valuation is estimated to be around $9 trillion. Above $50,000, Bitcoin would begin eating up a relatively large portion of the market cap of gold, which remains the dominant safe-haven asset.

Exchange order books and volume trends also show that traders have moved their sell orders higher, expecting Bitcoin to rise to $30,000 after $20,000 was finally breached yesterday.

If the momentum of the futures, options and spot markets gets sustained throughout the upcoming days, the probability of BTC hitting $30,000 as the first local top remains high.

According to Deribit Insights, the research arm of the biggest cryptocurrency options exchange, institutional funds remain bullish on Bitcoin.

In the options market, call options represent buy orders, and put options refer to sell orders. Hence, when buyers of call spreads increase, it shows that the expectations of a larger Bitcoin rally are growing.

Considering that Bitcoin has rallied in spite of increasing whale deposits, BTC can still see a sustainable rally toward $30,000 as institutional buying is only starting to gain steam.

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Show Notes / News Resources:
– $400K Bitcoin Prediction: https://bit.ly/3alzugw
– $55K BTC Is Next Landmark: https://bit.ly/37pWmti
– $1M Max Keiser Bitcoin Prediction: https://bit.ly/3ah1H89

DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

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