bitcoin, bitcoin bottom, bitcoin fall, bitcoin price prediction, buy the dip, buying the dip, crypto, crypto price prediction, cryptocurrency, mark mobius, mobius capital, veteran investor, veteran trader

Veteran investor Mark Mobius, the founder of Mobius Capital, has cautioned cryptocurrency traders against using the “buy the dip strategy.” He expects the price of bitcoin to plunge further with some temporary 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 some crypto traders have previously been successful using the “buy the dip strategy,” he stressed that it is not a strategy that would pay off while the market still has some way to fall. Commenting on buying the bitcoin dip specifically, the 85-year-old founder of Mobius Capital told the publication:

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.

Some people have 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 you shouldn’t always ‘buy the dip,’” Gold bug Peter Schiff tweeted Thursday. “Yesterday Luna was down 98%. If you bought that dip thinking the crash created a great buying opportunity you lost 99.3% today. This can happen to any crypto.”

However, many bitcoin investors are not buying the dip to time the 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 below 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 look at cryptocurrency as a means to invest. “It’s a means to speculate and have fun. But then you’ve got to go back to stocks at the end of the day,” he said.

TECH NEWS RELATED

Fake crypto sites lure wannabe thieves by spamming login credentials

Threat actors are luring potential thieves by spamming login credentials for other people account’s on fake crypto trading sites, illustrating once again, that there is no honor among thieves. This new cryptocurrency scam is gaining traction recently, involving emails and texts sharing credentials to an online trading account holding ...

View more: Fake crypto sites lure wannabe thieves by spamming login credentials

The crypto collapse is a good thing for the climate

Is crypto's loss climates gain?

View more: The crypto collapse is a good thing for the climate

3 Members of Terraform Labs' In-House Legal Team Abruptly Leave Amid LUNA, and UST Fallout

Three members of Terraform Labs’ legal team have left the company, according to their Linkedin profiles that show their departure from the firm this month. The resignation of the company’s in-house litigation, regulatory, general, and corporate counsel members follow the project’s fallout last week as the blockchain’s native crypto ...

View more: 3 Members of Terraform Labs' In-House Legal Team Abruptly Leave Amid LUNA, and UST Fallout

AscendEX and ECOMI Launch OMI Stake and Earn Competition

Disclaimer: The text below is a press release that was not written by Cryptonews.com. The largest NFT marketplace on Immutable X for premium licensed digital collectibles rewards the AscendEX community New York, NY, May 18 — AscendEX, a leading global cryptocurrency platform, is excited to announce the launch of the ...

View more: AscendEX and ECOMI Launch OMI Stake and Earn Competition

Bitcoin, Ethereum Technical Analysis: BTC Below $30,000 Again as Crypto Consolidation Extends   

Bitcoin prices dropped during the hump-day session, as bulls were unable to maintain Tuesday’s gains. The world’s largest cryptocurrency once again fell below the $30,000 level, whilst ETH also moved lower. Bitcoin Following a slight rally in price during Tuesday’s session, bearish sentiment returned to markets on Wednesday. This ...

View more: Bitcoin, Ethereum Technical Analysis: BTC Below $30,000 Again as Crypto Consolidation Extends   

Polygon-Based Gaming Platform FreshCut Raises $15M

FreshCut CEO James Kuk joins the wave of former Twitch execs starting their own Web3 gaming companies.

View more: Polygon-Based Gaming Platform FreshCut Raises $15M

China becomes second in the world in Bitcoin mining despite the ban

As the United States consolidates its leadership in the bitcoin mining industry, China has regained second place in the world rankings, despite the fact that this activity was banned last year. Between September 2021 and January 2022, according to a report published the day before by the Cambridge Center for ...

View more: China becomes second in the world in Bitcoin mining despite the ban

Web3 Gaming Company Metatheory Raises $24 Million With Backing From A16z, Pantera, and FTX

Metatheory, a Web3 gaming company founded in 2021, has announced it has raised $24 million in a Series A funding round. The investment round, which was led by big VC names in the crypto space like a16z, also had the participation of Pantera Capital and FTX Ventures. Kevin Lin, ...

View more: Web3 Gaming Company Metatheory Raises $24 Million With Backing From A16z, Pantera, and FTX

Robinhood Is Planning To Launch Another Crypto Wallet, a Non-Custodial Web3 Wallet

Bitcoin's Underlying Value 'Is to Do Ransomware': Former Fed Chair Bernanke

BitcoinUSD․com Launches a Market Watch Site

Australian Taxation Office to Focus on Capital Gains From Crypto Assets

Kadena Posts Double-Digit Losses as More Layer-1 Cryptocurrencies Tank

El Salvador-hosted ‘44-nation Bitcoin Conference’ Not Quite a Nothing Burger

FTX Founder Sam Bankman-Fried Thinks Bitcoin Has No Future as a Payments Network

How to Monetize Your Artwork in 2022

Financial Wealth? Try Mountanaz (MNAZ), Hedera (HBAR), and Stellar (XLM)

Is RoboApe (RBA) Set to Out-Do ApeCoin (APE)?

Why First Time Investors Should Get to Know Cryptocurrency

Pac-Man Frog (PAC) is Aiming to Compete with Helium (HNT) and Fantom (FTM) in the Near Future

OTHER TECH NEWS

Top Car News Car News