Bitcoin (BTC) may bounce back to $5000, says expert investor 'The Bond King'

10 Jan, 2019 | Updated: 10 Jan, 2019
by David Robb
Bitcoin (BTC) may bounce back to $5000, says expert investor 'The Bond King'

According to CNBC, an expert investor has predicted that Bitcoin could bounce back from its current lows, although not to the levels we saw last year. Jeffrey Gundlach, sometimes known as The Bond King, predicted a return to $5000 sometime soon.

Gundlach is the CEO of DoubleLine Capital, and has frequently made surprisingly accurate predictions about the economy in geneal. He called the stock market's major December sell-off ahead of time, for example.

Speaking in a webcast about Bitcoin and the crypto market, he claimed that "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".

Despite this, Gundlach did recommend for people to get out of Bitcoin (BTC). He is generally opposed to crypto as an investment, and has previously described it as the "poster child for excess" in the financial market.

Read more: One year later, the bear market has taken its toll on crypto

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