Billionaire known as the “Bond King” Jeffrey GundlachHe thinks that although the Bitcoin price has lost 70% of its value from its all-time high, it may not have reached the bottom yet.
The CEO of asset management firm DoubleLine Capital shared his views on Bitcoin in an interview with CNBC. The CEO stated that he would not be “surprised” when the leading crypto asset shed more than 50% from current levels, falling back towards $10,000.
“The overall trend in cryptoassets is obviously not very positive. It has been a long time since he reached the top. Remember, I talked to you around July and expressed my views. The price had dropped from $60,000 to $30,000…
It managed to rally but looks like it’s being liquidated. So I am not bullish on $20,000 or $21,000 in Bitcoin. I wouldn’t be surprised if the price drops to $10,000.”
While preparing the news bitcoin It was trading at $18,939 and was down close to 10% compared to the previous day.
Gundlanch also warned that the recent collapse of some crypto assets could signal an impending crisis in the digital asset space.
“We had a huge drop in some parts of the stock market. Emerging market equity has lost 15% year-to-date. Most stocks fell. The Nasdaq is down 28%, Bitcoin is down 53% to date and 45% since the last Federal Reserve meeting.
We’ve seen some crashes in some parts of the crypto world, and that could be a harbinger of some issues.”
Headquartered in Tampa, Florida DoubleLine Capitalhas more than $122 billion in assets under management at the end of the first quarter of this year.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.