Jeffrey Gundlach, CEO of the management company DoubleLine, believes that Bitcoin could drop to $ 23,000, which would be a great time to buy BTC.
During an interview on CNBC, Jeffrey Gundlach stated that a clear head and shoulders pattern of technical analysis has formed on the Bitcoin price chart. Naturally, the top on the chart in April this year, when the bitcoin rate reached $ 64,000, played the role of the “head”.
“I’m not a fan of this figure, but this time everything looks very convincing. I’m not sure about the exact price, but you can definitely buy bitcoins below $ 23,000, ”says the CEO of DoubleLine.
Jeffrey Gundlach admitted that he was betting on the continued growth of the first cryptocurrency. However, this is a “highly speculative and volatile market”, so a decline in the bitcoin rate is quite expected. He called the current situation in the cryptocurrency market “very frightening”.
In terms of the long term, Gundlach is confident about significant dollar inflation due to the economic situation and the coronavirus pandemic. This means that a lot of money will flow into defensive assets, including bitcoin.
“In the short term, the dynamics have been and will continue, the dollar will be kept strong enough. In the longer term, I think the dollar is doomed, ”said Jerry Gundlach.
Previously, Gundlach was often opposed to Bitcoin and is considered a crypto skeptic. Earlier this year, he announced that the Bitcoin bubble began to inflate after reaching $ 20,000.
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