Jeffrey Gundlach, the CEO of investment management firm DoubleLine, implied that Bitcoin could see more favorable activity in the long term than that of the U.S. dollar.<\/p>\n
In a Wednesday interview on CNBC\u2019s Halftime Report<\/em>, Gundlach said he believed people would be able to purchase Bitcoin (BTC) for under $23,000 soon given the likelihood of the crypto asset forming a head-and-shoulders trading pattern. He was seemingly referring to a “head” when the BTC price peaked at more than $64,000 on April 13 and the shoulders as the early January surge to more than $40,000 and the recent drop to the $30,000s. <\/p>\n \u201cI\u2019m not a big believer in head-and-shoulders tops but this one looks pretty convincing,\u201d said Gundlach. \u201cTurning neutral at $23,000 was obviously too early, but I\u2019ve got a feeling you\u2019re going to be able to buy it below $23,000 again.\u201d<\/p>\n Though the billionaire said he was bullish on the cryptocurrency early last year, he has always considered it a \u201chighly speculative and highly volatile\u201d asset, calling the current price chart \u201cpretty scary.\u201d While volatility would suggest price surges as well as drops, Gundlach\u2019s views on the U.S. dollar beyond this year were seemingly more bearish.<\/p>\n The DoubleLine CEO speculated that both the U.S. trade and budget deficits, which have risen likely as a result of the economic fallout of the ongoing pandemic, may cause the dollar to \u201cfall pretty substantially.\u201d He added:<\/p>\n \u201cIn 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.\u201d<\/p><\/blockquote>\n According to MarketWatch\u2019s U.S. dollar index, the dollar was trading at 92.64 at the time of publication, rising roughly 0.25% in the last 24 hours. The price of Bitcoin has fallen roughly 4% to reach $31,436.<\/p>\n