Jeffrey Gundlach, ceo of Doubleline Capital, said he wouldn't be surprised if the price of Bitcoin dropped to $10,000. He further explained that he has noticed explosions occurring in parts of the cryptocurrency world and that could be a harbinger of some problems.
Guandlach is the CEO of Doubleline Capital, which has $137 billion in assets. He was also turned into the "king of bonds" after appearing on the cover of Barron's magazine in 2011 as "The New Bond King". In 2013, he was named "Money Manager of the Year" by institutional investors and Bloomberg Markets named him one of the "Fifty Most Influential People" in 2012, 2015 and 2016. According to Forbes, his net worth is now $2.2 billion.
The bond king predicted in advance that the bitcoin price would fall below $30,000 and possibly below the $20,000 mark. He also emphasized that the cryptocurrency trend is clearly showing negative signs.
He suggested that there would be no expectation that bitcoin's price would be at $20,000 or $21,000, and he wouldn't be surprised if it went up to $10,000.
There have been a number of worrying recent events in the electronic cyberspace. Citing market conditions that are gradually becoming harsh and there are sharp fluctuations, this week, there were reports that cryptocurrency investment fund Three Arrows Capital could face a situation that is about to break up its wife. crypto loan network C abruptly froze withdrawals at the beginning of the week. Terra (LUNA) and terrausd stablecoins (UST) collapsed in May, which has led to investigations aimed at clarifying the authorities' case.
Gundlan has stated that Bitcoin is only for speculators. In January, for example, he suggested that cryptocurrencies were overvalued and should not be bought. At the time, the price of Bitcoin (BTC) was at a trading level of $42,000.