Bitcoin BTC/USD has fallen greater than 50% because the begin of the yr and one investor says he would not be stunned to see it reduce in half once more.
What Occurred: Billionaire investor Jeffrey Gundlach on Wednesday warned that Bitcoin’s plunge will not be over.
“It appears prefer it’s being liquidated,” Gundlach mentioned Wednesday on CNBC’s “Closing Bell: Extra time.”
“So I am not bullish at $20,000 or $21,000 on Bitcoin. I would not be stunned in any respect if it went to $10,000,” he mentioned.
Bitcoin is down 53% year-to-date and considerably extra from its peak of roughly $69,000 in November.
“The development in crypto is clearly not constructive,” Gundlach mentioned.
When Bitcoin fell beneath $30,000, it regarded like it might commerce right down to $20,000 pretty rapidly, he mentioned: “And it did.” Now it appears like one other breakdown could possibly be imminent.
Associated Hyperlink: Michael Saylor Was Bearish On Bitcoin In 2013: What He Stated
Why It Issues: This is not the primary time Gundlach has made daring calls in regards to the crypto market, and Bitcoin specifically.
Final yr, throughout an interview with CNBC, Gundlach referred to as the Bitcoin chart “scary.”
When the world’s oldest cryptocurrency hit the $60,000 stage, it turned exhausted, Gundlach mentioned, noting on the time that the Bitcoin chart had shaped an enormous head-and-shoulders prime.
He informed CNBC that buyers would doubtless have a possibility to purchase Bitcoin across the $23,000 stage once more — and right here we’re.
BTC Worth Motion: Bitcoin is up 3.49% over a 24-hour interval at $22,413.60 at press time Wednesday night, in line with information from Benzinga Professional.
Photograph: mohamed Hassan from Pixabay.