Bitcoin BTC/USD has fallen greater than 50% for the reason that begin of the yr and one investor says he would not be shocked to see it minimize in half once more.
What Occurred: Billionaire investor Jeffrey Gundlach on Wednesday warned that Bitcoin’s plunge is probably not over.
“It appears to be like 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 shocked 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 appeared like it will commerce right down to $20,000 pretty shortly, he mentioned: “And it did.” Now it appears to be like like one other breakdown might be imminent.
Associated Hyperlink: Michael Saylor Was Bearish On Bitcoin In 2013: What He Said
Why It Issues: This is not the primary time Gundlach has made daring calls in regards to the crypto market, and Bitcoin particularly.
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 fashioned a large head-and-shoulders high.
He advised CNBC that traders would possible have a chance to purchase Bitcoin across the $23,000 stage once more — and right here we’re.
BTC Value Motion: Bitcoin is up 3.49% over a 24-hour interval at $22,413.60 at press time Wednesday night, in response to information from Benzinga Pro.
Picture: mohamed Hassan from Pixabay.
