While the cryptocurrency market is still trying to recover from Bitcoin’s carnage, most investment experts are seeing BTC potentially falling even further at current levels. “King of Bonds” Jeffrey Gundlach has his own observations.
Specifically, in an interview with CNBC earlier this week, the American billionaire is known as the “King of Bonds” and DoubleLine Capital CEO Jeffrey Gundlach believes that Bitcoin can drop below the $20,000 mark and stop at no more than $10,000.
In response to a CNBC question about how much damage he thinks Bitcoin will face in the near term, Gundlach clearly explained:
“It looks like it’s being liquidated. I’m not bullish at that $20,000 or $21,000 on bitcoin. I wouldn’t be surprised at all if it went to $10,000.”
In January 2021, Gundlach warned that Bitcoin could create a large “financial bubble” due to its volatile price changes. At the time, BTC was trading at $42,000 but dropped by nearly $12,000 in just 24 hours.
Over the next few months, the entire cryptocurrency market overcame its problems and once again experienced amazing growth, as Bitcoin first hit $64,000.
Interestingly, this led to an emotional shift towards Jeffrey Gundlach. Accordingly, he classifies BTC as a potential asset and a better investment tool than gold.
In general, the comment of “King of Bonds” is completely valid considering the current overall market movements. The negative wave is growing around the chain of events from the investment fund Three Arrows Capital, which is facing the possibility of bankruptcy after having “liquidity problems” leading to massive liquidation on many platforms for investors’ different loans.
Bitcoin’s $20,000 mark has officially been broken at the time of writing.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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