Veteran Investor Mark Mobius Expects Bitcoin to Fall Further — Cautions Crypto Traders Against Buying the Dip – Markets and Prices Bitcoin News

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Veteran investor Mark Mobius, the founder of Mobius Capital, has warned crypto-currency traders against using the “soak buy strategy”. He expects the price of bitcoin to plunge further with some temporary $ 20K relief.

Mark Mobius’s Warning and Its Bitcoin Price Forecast

Mobius Capital Partners founder Mark Mobius warned crypto traders about buying the deposit in an interview with Financial News on Friday. He also shared his price prediction and future outlook for bitcoin.

Prior to starting his own company, Mobius was CEO of Templeton Emerging Markets Group. He joined Templeton in 1987 where he managed more than $ 50 billion in emerging market portfolios.

While acknowledging that some crypto traders have previously been successful in using the “buy the dip strategy”, he stressed that it is not a strategy that would pay off while the market still has some way to fall. Commenting specifically on the purchase of the bitcoin dip, the 85-year-old founder of Mobius Capital told the publication:

It will not work this time until bitcoin hits $ 20,000, from where there may be a rebound but then the next target will be $ 10,000.

Some people have expressed similar warnings on social media, especially after the collapse of terrausd (UST) and terra (LUNA). UST has lost its peg against the US dollar and is currently trading at $ 0.11 while LUNA is almost worthless.

“Terra Luna provides a perfect example of why you shouldn’t always‘ buy the dip ’,” Peter Schiff tweeted Thursday. “Yesterday Luna was down 98%. If you bought that dip thinking the crash created a great buying opportunity, you lost 99.3% today. This can happen to any crypto.”

However, many bitcoin investors do not buy the dip to time the market for a quick profit; they plan to keep theirs BTC In the long run. Those who believe the price of the cryptocurrency will reach $ 100,000 this year, for example, are happy to enter at any price below that target.

Mobius has long been a bitcoin skeptic. In October, he told the news media that cryptocurrency “could really explode,” stressing that it is a risk that central banks “should pay attention to.”

He advised people in November not to look at cryptocurrency as a means to invest. “It’s a way to speculate and have fun. But then you have to go back to stock at the end of the day, ”he said.

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Bitcoin, bitcoin fund, bitcoin fall, bitcoin price forecast, buy the dip, buying the dip, crypto, crypto price forecast, crypto currency, mark mobius, mobius capital, veteran investor, veteran trader

What do you think of Mark Mobius’ warning? Let us know in the comments section below.

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Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection between economics and cryptography.

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