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.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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.
Featured Image: Shutterstock/Lidiia