Billionaire “Bond King” Jeffrey Gundlach believes Bitcoin (BTC) will plummet further despite having already fallen by about 70% from its all-time high.
In a new CNBC interview, the CEO of asset management firm DoubleLine Capital says he wouldn’t be “surprised at all” if the flagship crypto asset fell by more than 50% from the current levels to around $10,000.
“The trend in crypto is clearly not positive. I mean it topped out a long time ago. Remember, I was with you in July of last year, and Bitcoin was up at like $60,000 or something. And then it dropped down to $30,000…
It managed to rally back but it looks like it is being liquidated. So I’m not bullish at $20,000 or $21,000 on Bitcoin. I wouldn’t be surprised at all if it went to $10,000.”
At time of writing, Bitcoin is trading for $21,062, an increase of about 5% from the 2022 low of $20,111 reached earlier this week.
Gundlanch also warns the recent collapse of some cryptocurrencies could be a sign of a looming crisis in the digital asset space.
“We’ve had such a huge decline in parts of the stock market. Emerging market equity year-to-date is down 15%. Most equities are down. Nasdaq’s down 28%, Bitcoin is down 53% year-to-date and 45% just since the last Federal Reserve meeting.
We’ve already seen around the edges some blow-ups in parts of the crypto world and that could be foreshadowing some problem.”
DoubleLine Capital, headquartered in Tampa, Florida, had more than $122 billion of assets under management at the close of this year’s first quarter.
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