Specifically, billionaire and DoubleLine Capital CEO Jeffrey Gundlach believes Bitcoin could drop well below the $20,000 mark, stopping at no further than $10,000, as he stated in an interview with CNBC’s Closing Bell: Overtime published on June 15. Answering the host’s question about predicting how low he thought Bitcoin was going, Gundlach explained: The billionaire added:
Senior commodity strategist: $20,000 is the bottom
It is worth noting that Finbold reported earlier on the opinion of Bloomberg Intelligence senior commodity strategist Mike McGlone expecting $20,000 to be the new bottom for Bitcoin. He also noted that the price of $20,000 should be viewed as the new $5,000. According to McGlone, who has maintained a bullish stand on Bitcoin in the past: However, he believes the asset would recover to emerge as a critical investment product, expecting it to hit $100,000 by 2025. Meanwhile, crypto trading expert Ali Martinez stressed that Bitcoin will make significant gains if it manages to sustain a price above $21,630. Should this happen, the digital asset will be open for a rally towards $24,000. However, if it fails, Bitcoin will likely drop below $20,000, Martinez believes. As things stand, Bitcoin is trading at $21,442, which is a 6% gain on the day, despite still losing 29.67% across the previous seven days, according to the CoinMarketCap data. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. Watch the interview:
