Doubleline Capital CEO Jeffrey Gundlach, also known as the “bond king,” says he would not be surprised at all if the price of bitcoin falls to $10K.

“We’ve already seen around the edges some blowups in parts of the crypto world, and that could be foreshadowing some problems,” he explained.

The billionaire bond king explained that when the price of bitcoin fell below $30K, its chart indicated that $20K “was going to happen quickly. 

The Doubleline Capital CEO explained: “We’ve already seen around the edges some blowups in parts of the crypto world, and that could be foreshadowing some problems.”

I’m not bullish at that $20,000 or $21,000 on bitcoin. I wouldn’t be surprised at all if it went to $10,000.

There have recently been several disturbing events in the crypto space. This week, there are reports that crypto hedge fund Three Arrows Capital may be facing insolvency.

Crypto lender Celsius Network also froze withdrawals abruptly early this week, citing extreme market conditions and volatility.

In May, cryptocurrency terra (LUNA) and stablecoin terrausd (UST) collapsed; their implosion has led to investigations by various authorities.