DoubleLine CEO believes Investors can Buy Bitcoin (BTC) below US$23,000, Predicts Favorable BTC Activity than US Dollar
The CEO of DoubleLine (a leading investment firm), Jeffrey Gundlach, has said during an interview on CNBC’s Halftime Report that the investors and traders can soon be able to buy Bitcoin at a price below the US$23,000 level. He pointed out that there is a high likelihood of the formation of a head-and-shoulders trading pattern. Jeffrey Gundlach also believes that the investors can see the more favorable activity of the Bitcoin price in the long run in comparison to the US Dollar.
Jeffrey was referring to the formation of:
- A “head” when the BTC price touched an all-time high at near US$65,000 level on April 14, 2021.
- The “shoulders” when the BTC price soared to the US$40,000 level in early January 2021 followed by the recent drop of the price to the US$30,000 level.
“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.”
DoubleLine’s CEO went on to say that his view on the US Dollar is much more bearish. He believes that the US Dollar is likely to “fall pretty substantially” due to the economic fallout of the ongoing COVID-19 pandemic and the consequent deficits of both the US trade and budget.
According to him,
“In the short term, the dynamics have been and will continue to be in place for the dollar to be marginally or moderately stronger. In the longer term, I think the dollar [is] doomed.”
At the time of publication, as per the US Dollar index of MarketWatch, the US Dollar is trending at 92.64, which has increased by around 0.25% in the last 24-hours. Bitcoin, on the other hand, has dropped by around -4% to reach closer to the support at the US$31,000 level (US$31,436, to be precise).