Billionaire investor Jeffrey Gundlach: Bitcoin dropping to $10K won’t be a shock

Billionaire investor Jeffrey Gundlach says it would not be surprising for Bitcoin (BTC) to drop to price levels around $10,000.

The American businessman, founder of investment firm DoubleLine Capital LP, made the observation during a recent interview with CNBC’s ‘Closing Bell.’

Crypto weakness could pull BTC to $10k

Gundlach, also known as ‘Bond King’ said the current crypto market is rife with “blow ups,” a combination of which could pull the benchmark cryptocurrency even lower.

He noted that crypto was clearly in a downtrend, with major negative events adding to the extreme fear already circulating in the market.

Referring to Bitcoin’s recent price movement, the investor said fresh losses are likely now that BTC broke below the important $30k level, descending rapidly to come close to breaching $20k.

The dive, alongside potential negative catalysts like the troubled crypto lender Celsius Network and hedge fund Three Arrows, could send the flagship crypto past $20k. In the short term, overall crypto weakness and broader macro indicators could push Bitcoin to lows of $10,000.

He says this would not be a surprise.

Analyst says BTC below $20k could lead to massive panic

Bitcoin is yet to breach the $20k support base, but if it does, crypto analyst Capo says the panic would be massive. BTC/USD is just above $21k at the time of writing (4:02 pm ET). If it breaks lower, he sees the retreat extending to $16k.

If $BTC breaks the $20k level, panic could be massive. Many people have stop losses below this level. Many others think it can't break the 2017 ATH because it hasn't happened before… It could easily reach 16k-18k if 20k breaks.

What is the current Celsius liq. price btw?

— il Capo Of Crypto (@CryptoCapo_) June 16, 2022

The post Billionaire investor Jeffrey Gundlach: Bitcoin dropping to $10K won’t be a shock appeared first on Invezz.