Mobile: Bitcoin will drop to $10,000

The “godfather of emerging markets” Mobils believes that bitcoin still has room for downside, and a buying strategy on dips is not feasible at the moment.Reuters

Known as the “Godfather of Emerging Markets”InvestmentpeopleMobiles(Mark Mobius) Caveat, thoughBitcoinThe recent bearish, “buy dip” strategy is no longer working, and predicts that once the crypto market collapses, it could propel the price of bitcoin to $10,000 in a matter of months.

Bitcoin has fallen badly over the past week, down 23% from the 9th to the 12th of this month. The bitcoin market stabilized on the 13th, with the latest quote rising above $30,000, but it was still 21% below the price at the beginning of May, and more than half of the peak price of $68,991 that climbed up. Gaya in November last year (down by over 55%). ,

In an interview with London-based financial media Financial News (FN), Mobiles said that some cryptocurrency traders adopt a “buy dip” strategy, buying at relative lows and selling when prices rise. Before this operation seemed quite successful, but now the situation is different, “when the market still has room for downside, it is not a viable strategy.”

“It won’t work this time until bitcoin reaches $20,000, where a rally could happen, but then the next target is $10,000,” he said.

According to CoinMarketCap, this wave of selling pressure has caused the total global market cap of cryptocurrencies to shrink sharply, from $2.9 trillion in November last year to $1.2 trillion.

Mobile, who previously warned of volatile cryptocurrency prices, believes some investors are turning to bitcoin because it offers much higher interest than bank deposits. He told FN in October last year that the cryptocurrency bubble “could burst” and that the risk “should be brought to the attention of central banks.”

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