Legendary Investor Reveals Shock Bitcoin Price Target
Bitcoin
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The bitcoin price has fallen to around $16,000 per bitcoin this month, down more than 70% from this time last year (although some investors believe the bitcoin price is poised to roar back surprisingly soon).
Now, as Elon Musk suddenly sends the price of this tiny bitcoin rival up 300%, veteran fund manager Mark Mobius has warned that the bitcoin price could fall as low as $10,000 as traders and investors count the cost of the FTX implosion.
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The Bitcoin price has crashed more than 70% since this time last year.
Bitcoin is “too dangerous” for Mobius or his fund Mobius Capital Partners, he said Bloombergthough he expects the bitcoin faithful to continue to support the cryptocurrency, meaning it’s “here to stay.”
Last week, Ark Investment Management CEO Cathie Wood, one of the most bullish bitcoin and crypto investors, predicted a major bitcoin rally and said she was doubling down on bitcoin during the downturn.
The bitcoin price, known to be highly volatile, has fluctuated wildly over the past two years, climbing from under $10,000 per bitcoin in 2020 to nearly $70,000 last year.
“It’s amazing how bitcoin prices have held up,” in the wake of the devastating FTX meltdown that has wiped about $200 billion from the combined bitcoin and crypto market, even after an eye-popping $2 trillion had already been wiped from the market, said Mobius.
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Bitcoin price has been in a steep downward trend for the past year, pushing bitcoin to record lows … [+]
Meanwhile, bitcoin price watchers have seen some confidence return to the market over the past 24 hours.
“The cryptocurrency market is showing signs of buying on the downside and has outperformed equities over the past 24 hours, bolstering buyers’ hopes,” Alex Kuptsikevich, senior market analyst at FxPro, wrote in an emailed commentary.
