DoubleLine Capital CEO allowed the possibility of the bitcoin rate to fall to $10 000

Jeffrey Gundlach considers a decline in the asset price to be natural because the bulls failed to provide support at the $30 000 level

16.06.2022 - 14:20

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2 min

What’s new? US investor and DoubleLine Capital co-founder Jeffrey Gundlach has said in an interview with CNBC that he admits the bitcoin rate to fall to $10 000. In his view, it was obvious that the first cryptocurrency would fall to the $20 000 level very quickly after the bulls failed to provide support at the $30 000 level. Gundlach noted that the trend in the crypto market “is clearly not positive.” In this, the DoubleLine Capital founder does not believe that BTC is worth buying at the current level, despite the asset’s significant price drawdown.

CNBC’s interview

Who is Jeffrey Gundlach? He is an American billionaire investor, financier, and CEO at the investment management firm, DoubleLine Capital, which he co-founded in 2009. The organization manages more than $140 billion in assets. Gundlach’s fortune is estimated at $2,2 billion (according to Forbes).

What do other experts say? Trader and crypto analyst Peter Brandt admitted the probability of a decline in the BTC value to $12 700. According to him, reaching new all-time highs before 2024 is almost impossible.

The CEO of Euro Pacific Capital Inc. and economist Peter Schiff expects the crypto market to fall further. He noted that following the drop in the value of bitcoin below its key support level of $25 000, the price of Ethereum also collapsed below $1300.

As of June 16, 13:50 UTC, bitcoin is trading at $21 035, down in price by 2% in 24 hours, according to Binance.

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