• Billionaire investor Mark Mobius has predicted that Bitcoin has not reached a bottom yet, investors are still buying the dips. 
  • End of the bear market has not arrived, Mobius considers Bitcoin a leading indicator for the stock market. 
  • Official Chinese national news outlet warned investors that Bitcoin price could go to zero to dissuade crypto investment. 

Mark Mobius, a billionaire investor, believes investors are still buying dips on Bitcoin, implying the bottom for the main cryptocurrency is yet to come. The analyst believes Bitcoin is a leading indicator of the stock market. Meanwhile, the Chinese government has taken a bearish stand on Bitcoin. 

Mark Mobius believes Bitcoin will hit bottom soon

Mark Mobius, a billionaire investor, has predicted Bitcoin bottom has not arrived yet. Mobius told Bloomberg in an interview that, 

[Bitcoin investors]...are still talking about buying on dips that means there is a feeling of hope. That also means that we have not reached the bottom of a bear market.

Mobius observed that Bitcoin often correlates to the US stock indices like Nasdaq 100. The broader market correlation started in May 2022, and Mobius considers Bitcoin an interesting indicator of a stock-market bottom. Mobius was quoted as saying:

Cryptocurrencies are a measure of investor sentiment. Bitcoin goes down, the next day the Dow Jones goes down. That’s the pattern you get. That shows that Bitcoin is a leading indicator.

The fact that retail investors are still pouring capital into Bitcoin is what makes Mobius believe BTC is far from the bottom. The billionaire signals that when retail “throws in the towel,” Bitcoin will hit bottom. 

CryptoQuant CEO Ki Young Ju argues most Bitcoin cyclic indicators are saying that the bottom is in. The CryptoQuant executive also warns, though, that estimating how long Bitcoin will consolidate in this range is difficult. 

China warns investors Bitcoin is going to zero

An official Chinese national news media outlet warned investors that Bitcoin could go to zero value, dissuading them from pouring capital in the asset. The Economic Daily article reads, 

Bitcoin is nothing more than a string of digital codes, and its returns mainly come from buying low and selling high. In the future, once investors’ confidence collapses or when sovereign countries declare Bitcoin illegal, it will return to its original value, which is utterly worthless.

Against China’s bearish outlook on Bitcoin, the Bank of England (BoE) holds opposing views. The bank sees an upside in building wealth in crypto through the bear market. Jon Cunliffe, Deputy Governor of BoE, told Bloomberg that cryptocurrency firms that manage to stay afloat through the bear market could emerge as “dominant players” in the final turn around. 

Can Bitcoin price sustain its uptrend?

FXStreet analysts have evaluated the Bitcoin price chart and believe the asset could sweep low to $17,964 level before advancing further. It is likely that Bitcoin resumes its uptrend and sustains it, hitting an upside target of $21,100. For more information on Bitcoin price trend, watch this video:

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

XRP eyes recovery but derivatives market stalls progress

XRP eyes recovery but derivatives market stalls progress

Ripple's XRP is up 2% in the early Asian session on Thursday following rising accumulation among investors and a potential bottom signal in the MVRV Ratio.

More Ripple News
Ethereum could see a boost as Cboe files for 21Shares to begin staking within its ETH ETF

Ethereum could see a boost as Cboe files for 21Shares to begin staking within its ETH ETF

Ethereum (ETH) could be set for increased demand in the coming months following Cboe BZX 19b-4 filing with the Securities & Exchange Commission (SEC) to enable staking for the 21Shares Core Ethereum exchange-traded fund (ETF).

More Ethereum News
Bitcoin and crypto recovers from CPI data as Trump pushes Russia–Ukraine diplomacy

Bitcoin and crypto recovers from CPI data as Trump pushes Russia–Ukraine diplomacy

Bitcoin (BTC) and the crypto market saw slight gains on Wednesday after President Donald Trump's resolution calls with Russian President Vladimir Putin and Ukraine's President Volodymyr Zelenskyy.

More Cryptocurrencies News
Ethereum Price Forecast: ETH eyes $3,000 as Trump and Putin agrees to begin negotiations on ending Ukraine war

Ethereum Price Forecast: ETH eyes $3,000 as Trump and Putin agrees to begin negotiations on ending Ukraine war

Ethereum (ETH) saw a 3% gain on Wednesday following United States (US) President Donald Trump's agreement with Russian President Vladimir Putin to begin negotiations to end the Russian-Ukraine war.

More Ethereum News
Bitcoin: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin price hovers around $97,000 on Friday after losing nearly 5% in the last three days. CryptoQuant weekly report shows that activity on the Bitcoin network has declined to its lowest level in a year.

Read full analysis
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

BTC

ETH

XRP