Guggenheim's Minerd sees major correction for bitcoin as part of its evolution

Guggenheim Partners' Scott Minerd, while staying a long-term bull on bitcoin (BTC-USD), thinks the cryptocurrency that commands the largest market cap has run up too far, too quickly, he told CNBC in an interview."Given the massive move we've had in bitcoin in the short run, things are very frothy, and I think we're going to have a major correction in bitcoin," he said.The cryptocurrency could drop 50% in such a correction, pulling back to $20K-$30K, he said. That, though, is likely part of "the normal evolution in what is a longer-term bull market," with bitcoin eventually rising to $40K-$60K, Minerd added.Bitcoin recently traded at ~$55.5K, down from almost $65K reached on April 14. In the past year, the crypto has jumped eight-fold; it was trading at ~$6.9K a year ago. See bitcoin's dramatic climb in chart below.SA contributor Oleh Kombaiev sees bitcoin more as a stock than a currency.