Latest News

Billionaire Jeffrey Gundlach Correctly Predicted Bitcoin Would Retreat To $20K: Here’s His Next Call

Billionaire Jeffrey Gundlach Correctly Predicted Bitcoin Would Retreat To $20K: Here’s His Next Call By Benzinga

Breaking News


Stock Markets 4 hours ago (Sep 10, 2022 20:10)

© Reuters. Billionaire Jeffrey Gundlach Correctly Predicted Bitcoin Would Retreat To $20K: Here’s His Next Call

This article was originally published on June 15, 2022.

Bitcoin (CRYPTO: BTC) has fallen more than 50% since the start of the year and one investor says he wouldn’t be surprised to see it cut in half again.

What Happened: Billionaire investor Jeffrey Gundlach on Wednesday warned that Bitcoin’s plunge may not be over.

“It looks like it’s being liquidated,” Gundlach said Wednesday on CNBC’s “Closing Bell: Overtime.”

“So I’m not bullish at $20,000 or $21,000 on Bitcoin. I wouldn’t be surprised at all if it went to $10,000,” he said.

Bitcoin is down 53% year-to-date and significantly more from its peak of roughly $69,000 in November.

“The trend in crypto is clearly not positive,” Gundlach said.

When Bitcoin fell below $30,000, it looked like it would trade down to $20,000 fairly quickly, he said: “And it did.” Now it looks like another breakdown could be imminent.

Related Link: Michael Saylor Was Bearish On Bitcoin In 2013: What He Said

Why It Matters: This isn’t the first time Gundlach has made bold calls about the crypto market, and Bitcoin in particular.

Last year, during an interview with CNBC, Gundlach called the Bitcoin chart “scary.”

When the world’s oldest cryptocurrency hit the $60,000 level, it became exhausted, Gundlach said, noting at the time that the Bitcoin chart had formed a massive head-and-shoulders top.

At the time, he told CNBC that investors would likely have an opportunity to buy Bitcoin around the $23,000 level again.

Photo: mohamed Hassan from Pixabay.

© 2022 Benzinga does not provide investment advice. All rights reserved.

Read at Benzinga

Read the original article on Benzinga

Billionaire Jeffrey Gundlach Correctly Predicted Bitcoin Would Retreat To $20K: Here’s His Next Call

Marvel antiheroes steal the show at Disney’s D23 fan conventionBy Reuters – Sep 10, 2022

By Dawn Chmielewski and Danielle Broadway (Reuters) – The antiheroes stepped into the spotlight Saturday at Walt Disney (NYSE:DIS) Co’s D23 Expo fan convention, as Marvel…

Elon Musk Sees Deflation Coming If There Is Another Major Fed Rate HikeBy Benzinga – Sep 10, 2022

Elon Musk has warned that another interest rate hike by the U.S. Federal Reserve could result in deflation hitting the economy.
A major Fed rate hike risks deflation— Elon…

Ubisoft CEO says still open to other partners after Tencent dealBy Reuters – Sep 10, 2022

By Mathieu Rosemain PARIS (Reuters) – Ubisoft, France’s biggest video games maker, is still open to other partners after a deal in which China’s Tencent (HK:0700) will raise its…

Our Apps

Terms And Conditions
Privacy Policy
Risk Warning

© 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

You may also like

Leave a reply

Your email address will not be published.

More in Latest News