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Bitcoin’s price action is nearing bubble territory

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DoubleLine Capital CEO Jeffrey Gundlach on Monday warned that bitcoin could be getting overheated after its massive run in recent months.

“I don’t like bitcoin here. I don’t like things that are up on a stilt like that,” the so-called Bond King said on CNBC’s “Halftime Report.” “Bitcoin, to me, is now sort of in bubble territory in terms of the way it’s been acting.”

Gundlach’s comments Monday come as the price of bitcoin was down sharply to under $33,000 per digital coin. The cryptocurrency on Friday hit a new record high of nearly $42,000 before it began to pull back. Bitcoin, however, is still up over 75% in the last month and more than 380% since April 1.

The major rally in bitcoin has…



Source cnbc.com

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