Bond trader extraordinaire Jeffrey Gundlach stated that the current state of the cryptocurrency market is “clearly not positive”, and that he would not be surprised if the bitcoin (BTC) price dropped to $10,000.
The Bond King made a bearish prediction for bitcoin’s future valuation, stating that the recent decline has been occurring at a rapid pace since Bitcoin fell to $30,000 and that this trend could propel a further decline to $10,000.
“It looks like it’s being liquidated, so I’m not bullish at $20,000 or $21,000 on bitcoin, I wouldn’t be surprised at all if it went to $10,000.”
In an interview, the CEO of DoubleLine was called to respond to the Fed’s announcement of a 75 basis point increase in interest rates.
The digital asset market has crashed in the last week, similar to many traditional finance markets. Instances include the insolvency of crypto hedge fund Three Arrows Capital and the unexpected freezing of withdrawals from Celsius Network.