Billionaire “Bond King” Jeffrey Gundlach believes that Bitcoin (BTC) will fall further despite having already fallen around 70% from its all-time high.
In a new interview with CNBC, the CEO of asset management firm DoubleLine Capital said he wouldn’t be “surprised at all” if the flagship crypto asset fell more than 50% from current levels at around $10,000.
“The crypto trend is clearly not positive. I mean he overtook a long time ago. Remember, I was with you in July of last year, and Bitcoin was at around $60,000 or something. And then it went down to $30,000…
He managed to pull himself together, but it appears to be on the way to liquidation. So I’m not bullish at $20,000 or $21,000 on Bitcoin. I wouldn’t be at all surprised if it went to $10,000.
At the time of writing, Bitcoin is trading at $21,062, up about 5% from the low of $20,111 hit in 2022 earlier this week.
Gundlanch also warns that the recent collapse of some cryptocurrencies could be a sign of an impending crisis in the digital asset space.
“We had such a huge drop in parts of the stock market. Year-to-date, emerging market stocks are down 15%. Most stocks are down. The Nasdaq is down 28%, Bitcoin is down 53% year-to-date and 45% since the last Federal Reserve meeting.
We have already seen around the edges of explosions in some parts of the crypto world and that could be a harbinger of trouble.
DoubleLine Capital, headquartered in Tampa, Fla., had more than $122 billion in assets under management at the end of the first quarter of this year.
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