This article was originally published on June 15, 2022.
Bitcoin BTC/USD is down more than 50% since the start of the year, and one investor says he wouldn’t be surprised if it halved again.
What happened: Billionaire investor Jeffrey Gundlach on Wednesday warned that Bitcoin’s slump may not be over yet.
“It looks like it’s going to be liquidated,” Gundlach said on CNBC’s Closing Bell: Overtime on Wednesday.
“So I’m not bullish on Bitcoin at $20,000 or $21,000. I wouldn’t be at all surprised if it went to $10,000,” he said.
Bitcoin is down 53% year-to-date and significantly more from its peak of around $69,000 in November.
“The trend in crypto is clearly not positive,” Gundlach said.
When bitcoin dropped below $30,000 it looked like it would drop to $20,000 pretty quickly, he said, “And it did.” Now it looks like another glitch 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 spoken boldly about the crypto market, and Bitcoin in particular.
Last year during a Interview with CNBCGundlach called the Bitcoin chart “scary”.
By the time the world’s oldest cryptocurrency hit $60,000, it was 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 another opportunity to buy Bitcoin around the $23,000 mark.
Photo: Mohammed Hasan from Pixabay.
