Bitcoin (BTC) has dropped more than 50 percent since the start of the year. While investors hope that the depreciation will not continue after the sharp decline; The opinion of some experts is quite different. One investor says he wouldn’t be surprised if Bitcoin (BTC) halves again. Here are the details…
Jeffrey Gundlach predicts a 50 percent drop for Bitcoin
As we have also reported as Kriptokoin.com, BTC has lost more than 50 percent since January 2022. Jeffrey Gundlach, an investor, says he wouldn’t be surprised if BTC records a halving loss again. Billionaire investor Jeffrey Gundlach warned on Wednesday that the decline in Bitcoin may not be over. “It appears to be liquidated” for BTC, Gundlach said on CNBC’s “Closing Bell: Overtime” on Wednesday. He also used the following statements:
So I’m not on the rise in Bitcoin at $20,000 or $21,000. I wouldn’t be surprised if it goes down to $10,000.
Bitcoin fell 53 percent year-on-year. It is trading significantly below its November peak of around $69,000. “The trend in crypto is clearly not positive,” Gundlach said. said. Once Bitcoin fell below $30,000, it looked like it would drop to $20,000 pretty quickly, Gundlach said. Now it looks like it might be close to another drop.
Gundlach comes to the fore with market predictions
It’s not the first time that Gundlach is making bold decisions about the cryptocurrency market, and especially Bitcoin. Last year, in an interview with CNBC, Gundlach described the Bitcoin chart as “scary”. Gundlach said the world’s oldest cryptocurrency had run out once it reached the $60,000 level. He pointed out that at the time, the Bitcoin chart formed a major head-and-shoulder top. He told CNBC that investors will likely have the opportunity to buy Bitcoin again at the $23,000 level. Indeed, those levels have been seen.
At the time of writing, Bitcoin is changing hands at $21.193 with an increase of 4.8 percent. The reason behind the slight increase in the last day is shown as the statements regarding the US Federal Reserve’s (FED) increase in interest rates. The fact that the FED had increased the interest rate to 75 caused an increase in risky assets. Still, BTC, which is in the first place with a market capitalization of $ 404 billion, has dropped 30 percent in the last 7 days. The cryptocurrency has just exceeded $1 trillion in market cap in the past few months. BTC has experienced a 29.2 percent drop in the last 30 days. In a one-year period, a decrease of 47.5% is striking. We are 70 percent below the record level of $69,044 seen on November 10.
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