Jeffrey Gundlach, CEO of Doubleline Capital, also known as the “King of Bonds,” predicts Bitcoin price will fall below $ 23,000. “The bitcoin graph looks pretty scary right now,” he said, adding, “it looks like a massive head and shoulders above it.”

Jeffrey Gundlach predicts Bitcoin price will drop below $ 23,000

Billionaire fund manager Jeff Gundlach spoke in an interview with CNBC on Thursday about his outlook for Bitcoin and the US dollar.

Gundlach is CEO of Doubleline Capital, which as of March 31 has assets under management of over $ 135 billion. He is also known as “Bond King” after he appeared on the cover of Barron in 2011. “Institutional investors named him” Manager of the Year “in 2013 and Bloomberg Markets named him” Fifty Most Influential People “in 2012, 2015 and 2016 According to Forbes, Gundlach’s current net worth is $ 2.2 billion.

“Bitcoin’s graphics look pretty scary right now,” he said. It fell sharply from $ 60,000 to about $ 31,500 and looks like a big top with a head and shoulders. “At the time of writing, BTC is up to $ 31,616 based on data from Bitcoin.com markets. The Doubleline CEO added:

“I don’t really believe in the head and shoulders, but that looks pretty convincing. Of course, it’s too early to put it at a neutral value of $ 23,000, but I have a feeling you can buy it back below $ 23,000. “

Gundlach comments on further investments. “Interestingly enough, gold is really negative this year. Very strong article. This year raw materials more than reserves. But gold cannot escape its own path. And of course a hard dollar doesn’t have a positive effect on gold either, “he said.

In addition, the billionaire said that “the dollar has strengthened moderately over the past few weeks and will continue to do so,” adding:

In the short term, the dollar looks solid. In the long run, the dollar will be destroyed.

Bond King expects the dollar to fall significantly in the medium term and points to the size of the US deficit.

Gundlah said last November that bitcoin and gold can hedge well against inflation. He also predicts that the stock market will “boom pretty much” over the next 18 months. I will have a lot to do with the weak dollar. “

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