Experienced investor Mark Mobius warned those considering buying Bitcoin (BTC). Experienced investor says he will buy if BTC reaches these levels…
Mark Mobius expects $10,000
In a recent interview with Financial News, well-known fund manager Mark Mobius said: He predicted that the Bitcoin price could fall as low as $10,000. Mobius says that despite the recent recovery, the decline is far from over.
Earlier today, the world’s largest cryptocurrency recovered to $30,960 after falling to $25.401 on the Bitstamp exchange, its lowest level since December 2020. The Terra collapse was interpreted as a “black swan” event that created serious selling pressure in the market. The market partially recovered from its initial effects as LUNA continued to drop to near zero. LUNA price at the time of writing:
Investors who caught the bottom of the recent Bitcoin correction have managed to make impressive gains of more than 20% in less than a day. Still, Mobius warns against buying bearish in bear market. The legendary investor believes individual investors will eventually catch a falling knife.
Mark Mobius says that only $20,000 will buy Bitcoin
The seasoned investor expects a short-lived bounce when Bitcoin reaches the aforementioned level. However, he does not believe any recovery will be sustainable. Last November, he correctly predicted that Bitcoin was going to be in trouble a few days before Bitcoin hit the ATH level of $69,044. BTC is currently down 55.38% from its last peak. In the past, Mobius has said that the cryptocurrency market looks like a “casino operation.”
