Billionaire “Bond King” Jeffrey Gundlach says that Bitcoin (BTC) has lost its steam and will likely backtrack to its pre-2021 price level.
In a new CNBC interview, the CEO of investment management firm DoubleLine Capital examines the state of the Bitcoin market and says that he believes Bitcoin has topped out.
“It looks like a massive head and shoulders top. I’m not a big believer in head and shoulders tops, but this one looks pretty convincing.”
A head and shoulders formation is a technical pattern that suggests a trend reversal once it has completed. According to Gundlach, he sees Bitcoin falling over 26% from its current price of $31,278.
“I have a feeling you’ll be able to buy at below $23,000 again.”
Gundlach highlights that he’s not a fan of BTC and adds that he does not own the leading crypto asset, even after its 50% devaluation from the all-time high of $64,000.
“I think it’s only a trading vehicle. I’ve never been long Bitcoin personally. I’ve never been short Bitcoin. It’s just not for me. I don’t have that kind of risk tolerance in my DNA where I have to get worried to pull up the quote every day to see if it’s down 20%. But I would not own Bitcoin presently. I think you had an opportunity to buy it at a cheaper level.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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