An experienced investor and co-founder of Mobius Capital Partners. Mark Mobiuswarned against the bottom-buying tactic amid high volatility in Bitcoin price. According to the news reported by Financial News, a meltdown in the crypto money market may reduce the price of Bitcoin to $ 10,000 in the near future.
bitcoin price It is hovering around $30,000 after the declines it experienced and recorded a big loss in the range of 25% in three days. The recent collapse of Terra’s UST stablecoin has had a devastating effect on markets, including Bitcoin and the majority of altcoins.
While there was great debate over whether the Bitcoin price has already seen a bottom, the price managed to surpass $30,000 on Friday. This high volatility in price has fueled the ongoing debate.
Beware of Bitcoin Bottom Price!
Peter Schiff, CEO and chief global strategist of Euro Pacific Capital Inc., also warned of a deeper subset:
“Don’t make the mistake of thinking that Bitcoin’s rally above $30,000 indicates bottoming out. Presumably this area is no longer support but resistance. The new support is much lower.”
Shiff, who is also known in markets where he is a strong advocate of gold and long-time Bitcoin skeptic, predicted a panic sale in Bitcoin in January this year. He had predicted that the market would enter a panic selling phase once its price fell below $30,000.
Extreme Fear
The Crypto Fear and Greed Index dropped to an ‘extreme fear’ level of 9 on Saturday after recording a value of 10 on Friday. According to CoinMarketCap, the price was trading at $29,475 at the time of writing. Current price is about $40,000 from last week Bitcoin (BTC) not close to price levels.
On the other hand, well-known traders like Michaël van de Poppe think that if it tests $32,500, BTC price could bounce back to the $34,000 level. A bullish possibility above $32,500 is indicated by several bullish factors.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.