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 26% from its current price of $31,278.
“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