HomeNewscoinquora.comA Billionaire Fund Manager Says Bitcoin Will Drop Below $23K

A Billionaire Fund Manager Says Bitcoin Will Drop Below $23K

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  • Doubleline Capital CEO Jeffrey Gundlach said BTC would drop below the $23K level.
  • He said that in the longer term, the dollar is doomed.

The billionaire fund manager and Doubleline Capital CEO Jeffrey Gundlach said that the price of bitcoin would drop below the $23K level.

According to an interview, Gundlach talked about his vision for bitcoin and the U.S. dollar.

Gundlach predicted that the price of BTC would fall below $23k. But before that, he said that the chart on bitcoin looks pretty scary. Also, he added that it fell a lot from $60,000 down to around $31,500, and it looks like a massive head-and-shoulders top.

 As Bitcoin and the crypto market are struggling to recover, the Doubleline CEO said,

I’m not a big believer in head-and-shoulders tops, but this one looks pretty convincing. Turning neutral at $23,000 was obviously too early, but I’ve got a feeling you’re going to be able to buy it below $23,000 again.

In addition, he also commented on other investments. He said that this year, gold shows negative signs. However, stocks are strong. “But gold can’t seem to get out of its own way. And obviously, the dollar being firmer lately is not positive for gold either,” said Gundlach.

Also, he added that the dollar has been slightly more fixed in the last several weeks. And that will continue elaborating. More so, he went on to say that in the near term, the dollar seems firm. But in the longer term, the dollar is doomed. The billionaire believes that a significant drop in the dollar is coming in the mid-term, citing the size of the U.S. debt.

According to CoinMarketCap, BTC is trading at $31,690.98 with a 24-hour trading volume of $18,880,613,972 at the press time.



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