Jeffrey Gundlach speaking at the 2019 SOHN Conference in New York on May 6th, 2019. Adam Jeffery | CNBC

DoubleLine Capital CEO Jeffrey Gundlach believes the coronavirus sell-off is not over yet and the market will hit a more "enduring" bottom after taking out the March low. "The low we hit in the middle of March … I would bet that low will get taken out," Gundlach said in an investor webcast on Tuesday. "The market has really made it back to a resistance zone and the market continues to act somewhat dysfunctionally in my opinion. ... Take out the low of March and then we'll get a more enduring low."

The S&P 500 tumbled into a bear market at the fastest pace ever as the coronavirus pandemic caused unprecedented economic uncertainty. The equity benchmark hit a three-year closing low of 2,237.40 on March 23, more than 30% from its record high reached in February. Last week, the S&P 500 enjoyed its best three-day rally since the 1930s, making some investors wonder if the worse is over. Still, the market fell again on Tuesday, pushing the S&P 500's quarterly losses to 20%, its worst first quarter ever. The so-called bond king compared the current stock rout to the ones in 1929, 2000 and 2007. He said during 1929 sell-off, the market "went sideways" for almost a year and then the economy worsened again.