Jeffrey Gundlach: “the price of Bitcoin will reach $ 5,000”

Despite yesterday's volatility in cryptocurrency markets and a noticeable drop in the price of Bitcoin, well-known digital currency critic Jeffrey Gundlach said that in the near future the price of the first cryptocurrency will reach $ 5,000.

In an interview with CNBC Channel, Gundlach, who is the head of DoubleLine, which manages assets of $ 200 billion, noted that risky investors could make easy profits if they turn to Bitcoin trading.

"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," said Gundlach.

Note that many analysts are inclined to believe that Bitcoin will trade between $ 3,000 and $ 5,000 in the near future, which correlates with Gundlach's opinion. The main question is whether the bulls have the strength to reach this mark in the near future.

"If we zoom out…we can see that the overall range that we're in is from $3,000 to $5,000 per coin… So we're now at the halfway mark in the middle of the broader range," Mati Greenspan, the senior market analyst at eToro, explained in a market update earlier this week.

Earlier, Weiss Ratings published a forecast according to which 2019 foreshadows the growth of Bitcoin. The international rating agency expects that more and more people will consider cryptocurrency as a store of value, and Bitcoin will finally become stronger in its status of digital gold. 

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