“Bitcoin Could Make it to 5k”. Anti-Crypto and Investment Guru Jeffrey Gundlach Says
image credit: The New York Times
Despite not being the most pro-bitcoin investor, Jeffrey Gundlach recently commented that Bitcoin could easily give traders and hodlers a 25% profit in the short term.
Jeffrey Gundlach is a Bond-fund Manager at DoubleLine Capital LP. His success in the world of finance has earned him the nickname “Bond Guru” or even “Bond King.” His successful trading strategies and vision of the markets have allowed him to accumulate a net fortune close to 2Bn Dollars according to data from Forbes.
According to CNBC, in a recent webcast, Mr. Gundlach shared his views on the financial markets, including stocks, corporate credit, and Bitcoin.
Bitcoin to 5K. “Easy 25 percent.” But Stay Away if You Don’t Know It
For the finance guru, Bitcoin’s near future looks good, but he emphasized not being comfortable analyzing or recommending trading in cryptocurrencies.
“I don’t recommend anything with bitcoin, really … but if you really want to speculate, I think it could make it to $5,000. Talk about an easy 25 percent,”
He went on to recommend to followers habituated to the trade of traditional finance instruments to “get the heck out of bitcoin”
On a general level, Mr. Gundlach predicts that the economic scenario is not very favorable, and although he did not explicitly speak of an economic recession, he showed a series of graphs that show how unlikely it is to talk about growth in global terms.
Gundlach commented that he expects the yield curve — an indicator that shows the difference between short-term and long-term yields — to steepen this year, something that contradicts the expectations of many analysts and the general trend of the market according to previous experiences.
The “Bond King” has famously branded digital currencies as “the poster child for social mood and market mood.” His opinions are highly followed by traders around the world and even with a skeptic position regarding cryptocurrencies in general, a bullish T.A in the short term could be seen as a positive sign in the crypto community
During the first ten days of 2019, Bitcoin has had a bullish behavior with little strength. Currently the 3.8k and the 4k zone behave as slight supports. The price of Bitcoin has fallen to 3654 USD in the last hours according to data from coinpricewatch