Billionaire “Bond King” Jeffrey Gundlach says that Bitcoin (BTC) has lost its steam and will likely backtrack to its pre-2021 price level.
In a new CNBC interview, the CEO of investment management firm DoubleLine Capital examines the state of the Bitcoin market and says that he believes Bitcoin has topped out.
“It looks like a massive head and shoulders top. I’m not a big believer in head and shoulders tops, but this one looks pretty convincing.”
A head and shoulders formation is a technical pattern that suggests a trend reversal once it has completed. According to Gundlach, he sees Bitcoin falling over 27% from its current price of $36,616.
“I have a feeling you’ll be able to buy at below $23,000 again.”
Gundlach highlights that he’s not a fan of BTC and adds that he does not own the leading crypto asset, even after its 50% devaluation from the all-time high of $64,000.
“I think it’s only a trading vehicle. I’ve never been long Bitcoin personally. I’ve never been short Bitcoin. It’s just not for me. I don’t have that kind of risk tolerance in my DNA where I have to get worried to pull up the quote every day to see if it’s down 20%. But I would not own Bitcoin presently. I think you had an opportunity to buy it at a cheaper level.”
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