News

Jeffrey Gundlach Predicts Bitcoin Can Drop To $10,000

While the cryptocurrency market is still trying to recover from Bitcoin’s carnage, most investment experts are seeing BTC potentially falling even further at current levels. “King of Bonds” Jeffrey Gundlach has his own observations.
Jeffrey Gundlach

Specifically, in an interview with CNBC earlier this week, the American billionaire is known as the “King of Bonds” and DoubleLine Capital CEO Jeffrey Gundlach believes that Bitcoin can drop below the $20,000 mark and stop at no more than $10,000.

In response to a CNBC question about how much damage he thinks Bitcoin will face in the near term, Gundlach clearly explained:

“It looks like it’s being liquidated. I’m not bullish at that $20,000 or $21,000 on bitcoin. I wouldn’t be surprised at all if it went to $10,000.” 

In January 2021, Gundlach warned that Bitcoin could create a large “financial bubble” due to its volatile price changes. At the time, BTC was trading at $42,000 but dropped by nearly $12,000 in just 24 hours.

Over the next few months, the entire cryptocurrency market overcame its problems and once again experienced amazing growth, as Bitcoin first hit $64,000.

Interestingly, this led to an emotional shift towards Jeffrey Gundlach. Accordingly, he classifies BTC as a potential asset and a better investment tool than gold.

In general, the comment of “King of Bonds” is completely valid considering the current overall market movements. The negative wave is growing around the chain of events from the investment fund Three Arrows Capital, which is facing the possibility of bankruptcy after having “liquidity problems” leading to massive liquidation on many platforms for investors’ different loans.

Bitcoin’s $20,000 mark has officially been broken at the time of writing.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Gate.io Shatters Records in Total Trading Volume in Q3 2024, with Its User Base Surpassing 17 Million

In the third quarter of 2024, despite a challenging market environment, Gate.io maintained strong growth…

19 mins ago

MEXC Champions the Future of Crypto Content Creation at CCCC

MEXC is proud to partner with the inaugural Crypto Content Creator Campus CCCC event, taking…

19 mins ago

Dtec Announces Global Partnership with DİZAYNVIP to Elevate AI-Driven Mobility Design  

Dtec and DİZAYNVIP partner to merge AI technology with luxury vehicle design, revolutionizing smart mobility…

1 hour ago

Bitcoin Spot ETF Outflows Reach Second Highest in History

Bitcoin Spot ETF Outflows hit $541M on November 4, the second-highest single-day outflow in history.…

5 hours ago

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

8 hours ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

10 hours ago

This website uses cookies.