Jeffrey Gundlach, head of DoubleLine Capital, said he wouldn’t be surprised if bitcoin dropped to $10,000.

According to him, the rapid decline in the price of digital gold was evident towards the $20,000 levels after the bulls failed to keep prices above $30,000.

“The trend is clearly not positive,” said Gundlach.

He said that it is not appropriate to buy bitcoin at the current price.

On May 11, digital gold failed to exceed $30,000, and after nearly a month of trading, on June 13, the cryptocurrency rate dropped below $23,000.

On June 15, the bitcoin price dropped to $20,225 (on Bitstamp).

The asset responded with moderate growth to a one-off 75 basis point increase in the key rate range by the US Federal Reserve System (FRS). However, the rate bounced back again after approaching $23,000.

Bitcoin is trading around $21,200 at the time of this writing. The market cap of the cryptocurrency market is less than $1 trillion, which is comparable to January 2021.

The opinion that Bitcoin should be sold now so that it can be bought cheaper later has been expressed by the famous crypto currency critic Peter Schiff. He’s probably considering testing the long-term support level around $5,000. In May, he chose another mark for the bottom – $8,000.

At the same time, Guggenheim Partners investment director Scott Minerd also allowed bitcoin to drop to this level. Best-selling author and entrepreneur Robert Kiyosaki of Rich Dad Poor Dad has set another footnote for digital gold at $17,000.

Galaxy Digital CEO and founder Mike Novogratz believes that the price of the cryptocurrency will stay above $20,000.

Earlier in June, Arthur Hayes, co-founder of the BitMEX crypto derivatives exchange, said that Bitcoin prices had reached the current bottom. In April, the entrepreneur predicted that the price would drop to $30,000 by the end of the month.

Kevin O’Leary, an investor and star of the Shark Tank TV show, can only determine if the cryptocurrency market has bottomed out if there is a serious negative event.

This could be the possible bankruptcy of the crypto lending platform Celsius, which is in a difficult financial situation. Adam Levitin, a law professor at Georgetown University, believes this development is almost inevitable.

Recall that Gundlach predicted in January that the Bitcoin exchange rate would drop to $25,000 due to the Fed’s tightening of monetary policy. At the time, he described this mark as “a good level to open a long position under digital.”

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