Guggenheim Partners investment director Scott Minerd said in an interview with CNBC that the price of the first cryptocurrency will drop to $10,000.
According to him, there is currently no reason for an investor to buy digital gold.
"If you look at the history of cryptocurrencies and assess the current situation, I really think this is a collapse. A collapse means a drop of 70-80%, which corresponds to levels of $10,000-$15,000," Mynerd explained.
He added that he would not rush into buying bitcoin and "sees no reason" to hold it right now.
"If you plan to speculate, speculate on it going lower," the investment director stressed.
In December 2020, Guggenheim Partners predicted bitcoin to rise to $400,000. In January 2021, Minerd reiterated the prediction but called for some profits to be locked in.
In February, he predicted the price of the first cryptocurrency would rise to $600,000.
In late April, Minerd warned of a possible bitcoin correction to $20,000, and in May he called digital assets a bubble amid a market crash.
At the time of writing, the first cryptocurrency is trading at $33,800, according to CoinGecko. The asset has a capitalisation of $633bn.
Recall that Minerd warned in late June of a possible bitcoin correction to $15,000.