Veteran trader expects Bitcoin price drop to $20,000 for this reason
- Mark Mobius, a veteran investor and the founder of Mobius Capital, has set a $20,000 downside target for the Bitcoin price.
- Analysts caution investors against the “buy the dip” strategy in Bitcoin and expect the asset to plunge further.
- Analysts have predicted temporary relief at $20,000, and it is likely that Bitcoin price drops to $10,000.
Veteran investors and crypto analysts caution traders against buying the recent Bitcoin dip. The asset’s price could plummet lower and drop to $10,000.
Analysts confirm continuation of Bitcoin price downtrend
Bitcoin price plummeted below $30,000 in the recent crypto bloodbath. While traders consider the “buy the dip” strategy, veteran investors and analysts like Mark Mobius advise them against it.
Mark Mobius is the founder of Mobius Capital and an emerging markets fund manager. The veteran trader told investors that the Bitcoin price could drop as low as $10,000 in the current bloodbath. There could be a temporary relief for investors at $20,000; however, Mobius advised traders to prepare for a colossal Bitcoin price crash.
The 85-year old veteran told Bitcoin.com,
It will not work this time until bitcoin hits $20,000, from where there might be a bounce, but then the next target will be $10,000.
Jason Choi, a crypto proponent, believes the current Bitcoin price trend is similar to January 2018, when investors’ risk appetite dropped, and a prolonged crypto winter started. Choi believes a twelve to twenty-four-month period is required for recovery.
@rektcapital, a crypto analyst and trader, told investors that Bitcoin bear market bottoms form quickly and in a volatile manner, however, accumulation range that forms later takes time. There is a possibility that there won’t be sufficient time to accumulate BTC at deeply discounted prices.
If history is any indication, most #BTC Bear Market bottoms form quickly, in a volatile manner
— Rekt Capital (@rektcapital) May 13, 2022
But the accumulation ranges that form afterwards take time
Chances are there will be sufficient time to accumulate at deeply discounted prices$BTC #Crypto #Bitcoin
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
