Bold call on bitcoin: Minerd says it could drop 50%

“Given the massive move we’ve had in bitcoin over the short run, things are very frothy, and I think we’re going to have to have a major correction in bitcoin,” the firm’s global chief investment officer told CNBC’s “Worldwide Exchange.”

Bitcoin traded just under $55,000 per token Wednesday morning, one week after setting an all-time high of nearly $65,000 in the run-up to crypto exchange Coinbase’s blockbuster direct listing.

“I think we could pull back to $20,000 to $30,000 on bitcoin, which would be a 50% decline, but the interesting thing about bitcoin is we’ve seen these kinds of declines before,” Minerd said. However, he said he thinks it’s part of “the normal evolution in what is a longer-term bull market,” with bitcoin prices eventually reaching between $400,000 to $600,000 per unit.