Dec 1, 2022 at 06:11Well-known investor Mark Mobius shared another prediction about Bitcoin. In his opinion, as part of the new crisis associated with the collapse of FTX, the coin has not yet reached its bottom, and in the near future will decline to $10K.
Considering that BTC is now trading at $17K and realizing that the main coin always pulls the other assets, it is hard to forecast what will happen when it dramatically or even gradually collapses to $7K. An expert has the answer to that question.
Current Bitcoin price
According to CoinMarketCap, Bitcoin is up 3.37% in the last seven days, up 1.6% in the last 24 hours, and is trading at $17.133 per coin as of the time of writing. BTC has a market capitalization of $329.3B.
The asset will try to hold above the $17K mark in the near future. Technical analysis shows that Bitcoin can expect strong support in the range of $16.8K to $16.95K, but its growth can be countered by a strong resistance zone at $17.25K, $17.5K, and $18K levels.
Many analysts are in the best scenario, so they believe that BTC will reach $20K by the end of the year. This is a good sign because only recently Bitcoin had a sharp bounce and gained 4.65% at once. And so far, there is almost nothing to prevent the coin from repeating the same move. However, not everyone agrees with that. Popular investor Mark Mobius believes that BTC will go under in the near future.
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Is $10K the new bottom?
Given the volatility of the market during the crisis, it is difficult to say for sure, but the expert believes that Bitcoin will touch the bottom at $10K. That’s a pretty strong prediction, considering that the last time the coin was worth that much was two years ago in October 2020.
According to Mobius, that could happen if people lose faith in it.
“You are depending on someone else to hold it and buy more so the price goes up. In fact, Bitcoin price could drop to zero if no one is willing to buy and hold it,” he says.
Also, Mark Mobius added that cryptocurrencies should not be treated as an investment since they have no intrinsic earnings capability.
#Cryptocurrencies should not be treated as an investment since they have no intrinsic earnings capability. You are depending on someone else to hold it and buy more so the price goes up. #Bitcoin could go down to $10,000 if people lose faith in it.https://t.co/7HeY0qO9Eq
— Mark Mobius (@MarkMobiusReal) November 29, 2022
The expert’s statement infuriated users, who flatly refused to agree with his prediction and opinion about Bitcoin. Thus, the user under the nickname @AdornedAllium noted that cryptocurrency is a valid investment, with the same philosophy as fiat.
“Crypto companies or organizations create value/services and people bid up the token. Yield is also available. And it’s global. Fiat is just a representation of value. Crypto is the same, except more versatile,” he mentioned.
In addition, Mobius said he would not invest his own or his clients’ money in cryptocurrencies because “it’s too dangerous.” At the same time, the expert does not allow the possibility that digital assets will disappear forever, at least in the near future.
“Cryptocurrencies will remain because there are investors who will still believe in them. However, it’s amazing how prices have held up since the FTX collapse,” he stated.
So, investors and hangout members just need to keep believing in their assets, and the market won’t disappear. Can we handle it?
How can I make money on this?
If Mobius’ prediction comes true in the near future, the whole market will probably go down. The best and most correct option, in this case, is to wait for the very bottom, and then buy in. The difficulties are temporary, and the market will rebound because it has already experienced difficulties and has successfully gotten out of them. We just have to wait. Right, hodlers?
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