Crypto

Veteran Trader Expects Bitcoin Price to Drop to $20,000 Because of This | Cryptocurrency

  • Mark Mobius, a veteran investor and founder of Mobius Capital, has set a target for Bitcoin to drop to $20,000.
  • Analysts warn investors against the “buy on the dip” strategy of Bitcoin and expect the asset to fall further.
  • Analysts predicted a temporary relief at $20,000, with the price of bitcoin likely to fall to $10,000.

Seasoned investors and cryptocurrency analysts are cautioning traders against buying bitcoin on the recent fall. The price of the asset could drop and drop to $10,000.

Analysts confirm the continuation of the downtrend in the price of bitcoin

The price of bitcoin fell below $30,000 during the recent crypto bloodbath. While traders are considering a “buy dip” strategy, seasoned investors and analysts such as Mark Mobius are advising against it.

Mark Mobius is the founder of Mobius Capital and an emerging markets fund manager. The veteran trader told investors that the price of bitcoin could drop to $10,000 in the current carnage. Investors can get temporary relief at $20,000; however, Moebius advised traders to brace for a colossal drop in Bitcoin prices.

An 85-year veteran told Bitcoin.com:

This time it won’t work until bitcoin hits $20,000, from where a bounce could occur, but then the next target would be $10,000.

Cryptocurrency advocate Jason Choi believes that the current Bitcoin price trend is similar to January 2018, when investor risk appetite plummeted and a long cryptocurrency winter began. Choi believes that it takes twelve to twenty-four months to recover.

Cryptocurrency analyst and trader @rektcapital told investors that bitcoin bear market lows form quickly and volatilely, however, the accumulation range that forms later takes time. There may not be enough time to accumulate BTC at heavily discounted prices.

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