Crypto News | Bitcoin Price Prediction: Plunge To $20,000 Possible, Minerd Says

 Despite Bitcoin's aggressive rally the past seven months, rising from $10,600 to a record high $65,000, a prominent investor believes the largest cryptocurrency will tumble to less than half its current value before soaring to all-time highs in the long run.

Scott Minerd, Guggenheim Partner's global chief investment officer, believes Bitcoin's price is moving too fast and a major correction is likely in the horizon. In an interview with CNBC's "Worldwide Exchange" on Wednesday, Minerd believes a drop of 50% may happen soon.

“I think we could pull back to $20,000 to $30,000 on Bitcoin, which would be a 50% decline," he said.

The executive, however, added that a correction isn't something investors should be worried about as this is nothing new to the cryptocurrency.

"The interesting thing about Bitcoin is we’ve seen these kinds of declines before,” Minerd added. "[It's] the normal evolution in what is a longer-term bull market."

Minerd is also optimistic the most sought-after cryptocurrency could reach record levels, eventually hitting $400,000 to $600,000.