Billionaire ‘Bond King’ Jeffrey Gundlach Predicts New Bitcoin Sell-Off, Says BTC Has Lost Its Steam

Billionaire ‘Bond King’ Jeffrey Gundlach Predicts New Bitcoin Sell-Off, Says BTC Has Lost Its Steam


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.

 

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“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

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