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Veteran investor Mark Mobius, the founder of Mobius Capital, has cautioned cryptocurrency traders against using the “purchase the dip strategy.” He expects the price of bitcoin to plunge further with so howtomaketemporary relief happening at $20K.
Mark Mobius’ Warning and His Bitcoin Price Prediction
The founder of Mobius Capital Partners, Mark Mobius, warned crypto traders about buying the dip in an interview with Financial News Friday. He also shared his price prediction and future outlook for bitcoin.
Prior to starting his own company, Mobius was executive chairman of Templeton Emerging Markets Group. He joined Templeton in 1987 where he managed more than $50 billion in emerging markets portfolios.
While acknowledging that so howtomakecrypto traders possess previously been successful using the “purchase the dip strategy,” he stressed that it is not a strategy that would pay off while the market still has so howtomakeway to drop. Commenting on buying the bitcoin dip specifically, the 85-year-ancient founder of Mobius Capital told the publication:
It will not work this t howtomakehowtomakeuntil bitcoin hits $20,000, from where there might be a bounce but then the next target will be $10,000.
So howtomakepeople possess expressed similar warnings on social media, especially after the collapse of terrausd (UST) and terra (LUNA). UST lost its peg against the U.S. dollar and is currently trading at $0.11 while LUNA is near worthless.
“Terra Luna provides a perfect example of why expensive readersshouldn’t always ‘purchase the dip,’” Gold bug Peter Schiff tweeted Thursday. “Yesterday Luna was below 98%. If expensive readersbought that dip thinking the accident created a grand buying chance expensive readerslost 99.3% today. This can happen to any crypto.”
However, numerous bitcoin investors are not buying the dip to t howtomakehowtomakethe market for a quick profit; they plan to hold their BTC long-term. Those who believe that the price of the cryptocurrency will reach $100,000 this year, for example, are happy to get in at any price under that target.
Mobius has long been a bitcoin skeptic. In October, he told the news outlet that cryptocurrency “could really blow up,” emphasizing that it was a risk that central banks “should be paying attention to.”
He advised people in November not to watch at cryptocurrency as a means to invest. “It’s a means to speculate and possess enjoyment. But then you’ve got to go back to stocks at the finish of the day,” he said.
What do expensive readersthink about Mark Mobius’ warning? Let us know in the comments section under.
Image Credits: Shutterstock, Pixabay, Wik howtomakeCommons
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