Jeffrey Gundlach, CEO of Doubleline Capital, also known as the “Bond King”, has predicted that Bitcoin price will drop below the $ 23,000 mark. “Right now the chart on Bitcoin looks pretty scary,” he said, adding that “it looks like a huge head-and-shoulders top.”
Jeffrey Gundlach expects the price of Bitcoin to drop below $ 23,000
Billionaire fund manager Jeff Gundlach spoke about his outlook for Bitcoin and the US dollar in an interview with CNBC on Thursday.
Gundlach is the CEO of Doubleline Capital with over $ 135 billion in assets under management. He is sometimes referred to as “Bond King” after he appeared on the cover of Barron’s in 2011 as “The New” Bond King. “Institutional Investor named him” Money Manager of the Year “in 2013 and Bloomberg Markets named him in 2012, 2015 and 2016 one of the “Fifty Most Influential”. Gundlach’s net worth is currently $ 2.2 billion, according to Forbes.
He said, “Right now the Bitcoin graph looks pretty scary. It’s dropped sharply from $ 60,000 to about $ 31,500 and looks like a giant head and shoulders top. ”At the time of writing, the price of BTC was $ 31,616 based on data from Bitcoin.com Markets. The Doubleline CEO added:
I don’t believe in head and shoulders that much, but this one looks pretty compelling. It was obviously too early to go neutral at $ 23,000, but I have a feeling you can buy it back below $ 23,000.
Gundlach also commented on other investments. “Interestingly enough, gold is actually negative this year. Commodities are very strong. Commodities have risen faster than stocks as a basket this year. But gold cannot avoid itself. And of course the recently firmer dollar isn’t positive for gold either, ”he said.
In addition, the multi-billion dollar fund manager said, “The dollar has been moderately firmer in the past few weeks and it will continue,” adding:
In the short term, the dollar appears to be firm. In the longer term, the dollar is doomed.
The Bond King assumes that the dollar will decline significantly in the medium term and refers to the size of the US deficit.
Gundlach said in November last year that bitcoin and gold are good as a hedge against inflation. Additionally, he predicted that the stock market would “crack pretty hard” within 18 months, saying, “If the next big meltdown happens, I think the US will actually be the worst performing market, and that.” That will have a lot to do with the weak dollar. “
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