Mark Mobius, a well-known emerging economies fund manager, projected Bitcoin price to fall down to $10,000. He was discussing cryptocurrencies including bitcoin in an interview with the Financial News.
Bitcoin catastrophe is far from finished
Despite the recent recovery in the world’s largest cryptocurrency, Mobius believes the bitcoin catastrophe is far from finished. After plunging to $25,401, the lowest level since December 2020, bitcoin rose to an intraday high of $30,960 today. However, those traders who purchased bitcoin at the bottom of the last downturn were able to profit by more than 20% in less than a day.
Veteran fund manager Mobius advice for purchasing bitcoin
Mobius, the American-born German investor, has advised against purchasing dips in a bear market otherwise traders will grab a falling knife. According to him, bitcoin will only be purchased at $20,000. Once the top cryptocurrency retraces to the aforementioned level, he predicts a short-term rally. Mobius, on the other hand, does not expect that any rebound will be long-term.
Just days before Bitcoin achieved an all-time high of $69,044, he correctly forecasted that the cryptocurrency would be in severe difficulty. The most valuable cryptocurrency is presently down 55.38% from its all-time high. He also thinks of the bitcoin industry as a gambling business.
Falling crypto market
The crash of the Terra cryptocurrency was a black swan occurrence for the whole crypto market that put a lot of selling pressure on the market. The market somewhat recovered from the early shock while the LUNA token continued to fall all the way to zero.
