Bitcoin is consolidating in the $43,000 region after a correction that wiped $4,000 from its price within hours. Evaluating the drop in a recent interview, Jeffrey Gundlach, the founder of DoubleLine Capital, shared why there should be concern about Bitcoin (BTC). Analyst’s market comments and forecasts cryptocoin.com compiled for our readers.
Bond tycoon thinks Bitcoin (BTC) could drop below 30,000
Gundlach says that while he was optimistic about Bitcoin in the past, he is now more cautious. According to the analyst, who thinks that BTC is now for speculators, BTC can be purchased at a discounted price later. In part of the interview, Gundlach made the following statements based on his own experiences:
A year ago I was very positive about Bitcoin. I think it cost about $4,000. I thought I was bull because I predicted it would go up 4x and frankly, it went up a lot more than that, up 16x or something like that. But it continued to peak and doubled at $65,000. Then it made a small new peak in November, unable to hold on to the local peaks around April. I don’t think that’s a good sign at all.
Pointing out that Bitcoin is becoming increasingly unstable and unable to hold on to its former local peaks, Jeffrey Gundlach thinks the decline may deepen below $30,000:
I think Bitcoin is for speculators right now. I think you might have an opportunity to buy Bitcoin at $45,000, ie around $20,000 from the highs. Maybe you can buy it for $25,000.
Jeffrey Gundlach thinks the NFT market is built without foundation
Gundlach then touches on the NFT market and says that although he is impressed by how fast NFT markets are growing, the space is not for him:
Many people have invested over $1000 in Bitcoin. And it took some time to reach $60,000. What did the NFT thing go from worthless to? $69 million? $96 million? This is definitely not for me. This is for momentum traders who use large doses of steroids.
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