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Bitcoin Could Drop To $10,000, According To Jeffrey Gundlach

Jeffrey Gundlach, the founder of DoubleLine Capital LP and an American businessman, stated that the current state of the cryptocurrency sector is “obviously not positive.” Keeping this unfavorable tendency in mind, he predicts the price of bitcoin might fall to $10,000.

 

In a recent interview with CNBC, Jeffrey Gundlach, the American billionaire known as the “Bond-King,” gave a gloomy prediction for bitcoin’s future worth. According to him, the principal cryptocurrency’s recent slide has occurred at a rapid rate, and this pattern could propel a further drop to $10,000: “It looks like it’s being liquidated, so I’m not bullish at $20,000 or $21,000 on bitcoin, I wouldn’t be surprised at all if it went to $10,000.”

In the past week, the digital asset market, like many traditional finance markets, has imploded. Bitcoin, for example, is now trading about $22,000, much below its levels at the start of 2022 and it’s all-time high (almost $70,000) set in November of last year.

Because of its large price swings, Gundlach predicted in January 2021 that BTC might be a big bubble. The asset was trading at $42,000 at the time, but it plummeted by roughly $12K in just 24 hours:“I don’t like bitcoin here. I don’t like things that are up on a stilt like that. Bitcoin, to me, is now sort of in bubble territory in terms of the way it’s been acting.”

In the months that followed, the cryptocurrency overcame its problems and began to rise again, reaching about $50,000. Surprisingly, Gundlach changed his mind, classifying BTC as a “stimulus asset” and a superior investment vehicle than gold.

Peter Brandt, a well-known cryptocurrency analyst and veteran derivatives trader, made a similar prediction for bitcoin’s future USD value earlier this week. He predicted that the asset would drop to $13,000 based on a double-top pattern.