{"id":9750,"date":"2021-07-18T01:55:10","date_gmt":"2021-07-18T01:55:10","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/billionaire-fund-manager-jeffrey-gundlach-convinced-bitcoin-will-fall-below-23k-us-dollar-is-doomed\/"},"modified":"2021-07-18T01:55:10","modified_gmt":"2021-07-18T01:55:10","slug":"billionaire-fund-manager-jeffrey-gundlach-convinced-bitcoin-will-fall-below-23k-us-dollar-is-doomed","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/billionaire-fund-manager-jeffrey-gundlach-convinced-bitcoin-will-fall-below-23k-us-dollar-is-doomed\/","title":{"rendered":"Billionaire Fund Manager Jeffrey Gundlach Convinced Bitcoin Will Fall Below $23K, US Dollar Is \u2018Doomed\u2019"},"content":{"rendered":"

Doubleline Capital CEO Jeffrey Gundlach, also known as the \u201cBond King,\u201d has predicted that the price of bitcoin will fall below the $23K level. \u201cRight now, the chart on bitcoin looks pretty scary,\u201d he said, adding that \u201cit looks like a massive head-and-shoulders top.\u201d<\/strong><\/p>\n

Jeffrey Gundlach Expects Bitcoin\u2019s Price to Fall Below $23K<\/h2>\n

Billionaire fund manager Jeff Gundlach talked about his outlook for bitcoin and the U.S. dollar in an interview with CNBC Thursday.<\/p>\n

Gundlach is the CEO of Doubleline Capital, with had over $135 billion in assets under management (AUM) as of March 31. He is sometimes referred to as the \u201cBond King\u201d after he appeared on the cover of Barron\u2019s in 2011 as \u201cThe New Bond King.\u201d Institutional Investor named him \u201cMoney Manager of the Year\u201d in 2013 and Bloomberg Markets named him one of \u201cThe Fifty Most Influential\u201d in 2012, 2015, and 2016. According to Forbes, Gundlach\u2019s net worth is currently $2.2 billion.<\/p>\n

He said: \u201cRight now, the chart on bitcoin looks pretty scary. It\u2019s dropped a lot from $60,000 down to around $31,500, and it looks like a massive head-and-shoulders top.\u201d At the time of writing, the price of BTC<\/a> stood at $31,616, based on data from Bitcoin.com Markets<\/a>. The Doubleline CEO added:<\/p>\n

I\u2019m not a big believer in head-and-shoulders tops, but this one looks pretty convincing. Turning neutral at $23,000 was obviously too early, but I\u2019ve got a feeling you\u2019re going to be able to buy it below $23,000 again.<\/p>\n

Gundlach also commented on other investments. \u201cInterestingly, gold is actually negative this year. Commodities are very strong. Commodities are up more than stocks this year as a basket. But gold can\u2019t seem to get out of its own way. And obviously, the dollar being firmer lately is not positive for gold either,\u201d he opined.<\/p>\n

<\/p>\n

Moreover, the billionaire fund manager said that \u201cThe dollar has been moderately firmer in the last several weeks, and that will continue,\u201d elaborating:<\/p>\n

In the near term, the dollar seems firm. In the longer term, the dollar is doomed.<\/p>\n

The Bond King believes that a significant drop in the dollar is coming in the intermediate term, citing the size of the U.S. deficit.<\/p>\n

Gundlach said<\/a> in November last year that bitcoin and gold were good as hedges against inflation. Furthermore, he predicted that within 18 months, the stock market was \u201cgoing to crack pretty hard,\u201d stating, \u201cWhen the next big meltdown happens, I think the U.S. is going to be the worst-performing market, actually, and that\u2019ll have a lot to do with the dollar weakening.\u201d<\/p>\n

What do you think about Jeffrey Gundlach\u2019s prediction? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nMarkets and Prices, Bitcoin Price, bitcoin price prediction, bitcoin us dollar, bitcoin usd, bond king, us dollar doomed<\/p>\n","protected":false},"excerpt":{"rendered":"

Doubleline Capital CEO Jeffrey Gundlach, also known as the \u201cBond King,\u201d has predicted that the price of bitcoin will fall below the $23K level. \u201cRight now, the chart on bitcoin looks pretty scary,\u201d he said, adding that \u201cit looks like a massive head-and-shoulders top.\u201d Jeffrey Gundlach Expects Bitcoin\u2019s Price to Fall Below $23K Billionaire fund…<\/p>\n","protected":false},"author":0,"featured_media":9751,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-9750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9750"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=9750"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9750\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/9751"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=9750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=9750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=9750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}