Billionaire Fund Manager Jeffrey Gundlach Convinced Bitcoin Will Fall Below $23K, US Dollar Is ‘Doomed’

Jeffrey Gundlach, Doubleline Capital CEO, also known as the “Bond King,” has predicted that the price of bitcoin will fall below the $23K level. 

Jeffrey Gundlach Expects Bitcoin’s Price to Fall Below $23K

In an interview with CNBC Thursday, Billionaire fund manager Jeff Gundlach talked about his outlook for bitcoin and the U.S. dollar.

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 “Bond King” after he appeared on the cover of Barron’s in 2011 as “The New Bond King.” Institutional Investor named him “Money Manager of the Year” in 2013 and Bloomberg Markets named him one of “The Fifty Most Influential” in 2012, 2015, and 2016. According to Forbes, Gundlach’s net worth is currently $2.2 billion.

He said that the price of Bitcoin  looks pretty scary. It’s dropped a lot from $60,000 down to around $31,500, and 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. Turning neutral at $23,000 was obviously too early, but I’ve got a feeling you’re going to be able to buy it below $23,000 again.

He also commented on gold, actually negative this year. Commodities are up more than stocks this year as a basket. But gold can’t seem to get out of its way. And obviously, the dollar being firmer lately is not positive for gold either,” he opined.

The billionaire fund manager said that “The dollar has been moderately firmer in the last several weeks, and that will continue,” elaborating:

In the near term, the dollar seems firm. In the longer term, the dollar is doomed.

▶️ HEADLINES