Billionaire “Bond King” Jeffrey Gundlach believes Bitcoin (BTC) will plummet additional regardless of having already fallen by about 70% from its all-time excessive.
In a brand new CNBC interview, the CEO of asset administration agency DoubleLine Capital says he wouldn’t be “stunned in any respect” if the flagship crypto asset fell by greater than 50% from the present ranges to round $10,000.
“The pattern in crypto is clearly not optimistic. I imply it topped out a very long time in the past. Keep in mind, I used to be with you in July of final 12 months, and Bitcoin was up at like $60,000 or one thing. After which it dropped all the way down to $30,000…
It managed to rally again but it surely appears to be like like it’s being liquidated. So I’m not bullish at $20,000 or $21,000 on Bitcoin. I wouldn’t be stunned in any respect if it went to $10,000.”
At time of writing, Bitcoin is buying and selling for $21,062, a rise of about 5% from the 2022 low of $20,111 reached earlier this week.
Gundlanch additionally warns the latest collapse of some cryptocurrencies might be an indication of a looming disaster within the digital asset area.
“We’ve had such an enormous decline in components of the inventory market. Rising market fairness year-to-date is down 15%. Most equities are down. Nasdaq’s down 28%, Bitcoin is down 53% year-to-date and 45% simply because the final Federal Reserve assembly.
We’ve already seen across the edges some blow-ups in components of the crypto world and that might be foreshadowing some downside.”
DoubleLine Capital, headquartered in Tampa, Florida, had greater than $122 billion of belongings below administration on the shut of this 12 months’s first quarter.
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