Prominent investor Scott Minerd told CNBC that the fall in bitcoin is not yet over and shared his forecast for where the "real bottom" in the cryptocurrency's price could be. Minerd told CNBC's Nancy Hungerford on Thursday that every "major" run-up in bitcoin has been followed by a correction of around 80%. Earlier this year, bitcoin prices more than doubled to reach an all-time high of around $65,000 in April. The cryptocurrency currently last traded at around $34,000 per unit, which is more than 40% off that record level. Minerd had predicted "a major correction" in bitcoin prior to the latest plunge. "The real bottom, when you look at the technicals, $10,000 would be the real bottom. You know, that's probably a little extreme. So I would say [$15,000]," said Minerd, global chief investment officer of Guggenheim Partners. "If it got to $20,000, I wouldn't be in a hurry to buy it because when markets like this wash out, it … usually takes a couple of years of consolidation. So I don't think people need to be anxious to be putting money in bitcoin right now," he added. Minerd said the declines in bitcoin have come as central banks have started to ease the amount of money they inject into the economy. He added that the easing in money supply is not yet done — implying that the cryptocurrency has more room to fall. But Minerd said he remains bullish about bitcoin over the long term as more institutional money flows into the cryptocurrency. Until that happens, bitcoin remains "a highly volatile speculative asset," he added. The investor had previously shared his prediction that bitcoin would eventually reach $400,000 to $600,000 per unit.
A Bitcoin logo seen displayed on a smartphone with stock market percentages in the background in this illustration taken April 26, 2021.