Billionaire “Bond King” Jeffrey Gundlach believes Bitcoin (BTC) will plunge additional despite the fact that it’s already down round 70% from its all-time excessive.
In a brand new CNBC interview, the CEO of asset administration agency DoubleLine Capital says he would not be “in any respect stunned” if the flagship crypto asset have been to drop greater than 50% from present ranges to round $10,000.
“The pattern in crypto is clearly not optimistic. I imply he obtained over it a very long time in the past. Bear in mind, I used to be with you in July of final yr, and Bitcoin was up like $60,000 or one thing. After which it went right down to $30,000…
He managed to get better, nevertheless it seems like he is being wound up. So I’m not bullish on $20,000 or $21,000 price of Bitcoin. I would not be in any respect stunned if it went to $10,000.”
On the time of writing, Bitcoin is buying and selling at $21,062, a rise of round 5% from the 2022 low of $20,111 reached earlier this week.
Gundlanch additionally warns that the current collapse of some cryptocurrencies may very well be an indication of an impending disaster within the digital asset house.
“We have had an enormous drop in elements of the inventory market. Rising market equities are down 15% yr so far. Most shares are down. Nasdaq is down 28%, Bitcoin is down 53% yr so far and 45% simply because the final Fed assembly.
We have already seen some blowouts in some elements of the crypto world and that would spell bother.”
Tampa, Florida-based DoubleLine Capital had greater than $122 billion in belongings below administration on the finish of the primary quarter of this yr.
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