Mark Mobius, an American millionaire fund manager and Bitcoin skeptic, has cautioned crypto investors not to purchase the Bitcoin plunge, predicting that the master crypto will fall to $10,000 in the next couple of months.
Mark Mobius Believes Bitcoin is Gonna Hit $10,000
Mark Mobius, a legendary investor and founder of Mobius Capital Partners, is warning Bitcoin traders that the cryptocurrency asset is still vulnerable to catastrophic losses. Mobius advises against buying the dip in a recent interview with Financial News London, predicting a crash that would take the top virtual currency by market size all the way back down to $10,000.
“It will not work this time until bitcoin hits $20,000, from where there might be a bounce but then the next target will be $10,000.”
-Mark Mobius
Mobius has already chastised Bitcoin and other cryptocurrencies. Back in November, the critic said that Bitcoin was a religion rather than an investment. Bitcoin, according to Mobius, is very risky and unpredictable, and that investors should treat it as a recreational hobby instead of an asset.
Estimating the bitcoin price, like playing the lottery or gambling, is a loser’s game, according to the 85-year-old American financial adviser in 2020. Mobius contended that there had been no information that could be used to anticipate the currency’s price action.
After plunging to $25,401, the weakest point since December 2020, the world’s top crypto rose to an intermediate peak of $30,960 on the Bitstamp platform earlier today. Those that caught the bottom of the last Bitcoin downturn were able to profit by over than 20% in less than 24 hours.
Coinbase, the largest cryptocurrency exchange in the United States, has also been struck by the breakdown. Its stock has dropped by over than 40% in the last week after it announced a drop in first-quarter revenues and trading volumes. Coinbase’s stock has dropped 78 percent in the last year.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Jai Hamid
CoinCu News
