Bitcoin will survive but could crater to $8,000 and won’t end up as the dominant crypto, says Guggenheim’s Minerd

Bitcoin could sink to as low as $8,000, according to Scott Minerd, Guggenheim’s chief investment officer.

“When you break below 30,000 [dollars] consistently, 8,000 [dollars] is the ultimate bottom,” Minerd told CNBC on Monday. “I think we have a lot more room to the downside, especially with the Fed being restrictive.”

The world’s largest cryptocurrency by market cap has hovered around $30,000 for several weeks, languishing at less than half its all time high of $69,000 and weighing down the wider crypto ecosystem.

Minerd added that crypto is the “canary in the coal mine.”