Legendary Investor Reveals Shock Price Target For Bitcoin

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BitcoinBTC has come under heavy pressure following the collapse of crypto exchange FTX which may be about to hit others.

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The price of bitcoin has fallen to around $16,000 per bitcoin this month, down more than 70% from the same time last year (although some investors believe the price of bitcoin is on the verge of to go back up surprisingly soon).

Now, with Elon Musk suddenly driving the price of bitcoin’s smaller rival by 300%, veteran fund manager Mark Mobius has warned that bitcoin’s price could plummet to as low as $10,000 as traders and investors are counting the cost of the FTX implosion.

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The price of bitcoin has fallen over 70% since this time last year.

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Bitcoin is “too dangerous” for Mobius or its Mobius Capital Partners fund, he told Bloomberg, though he expects bitcoin devotees to continue supporting the cryptocurrency , adding that she is “here to stay”.

Last week, Ark Investment Management Managing Director Cathie Wood, one of the most optimistic bitcoin and crypto investors, predicted a huge bitcoin rally and said she was doubling down on bitcoin during the recession. .

The price of bitcoin, which is known to be highly volatile, has oscillated wildly over the past two years, from less than $10,000 per bitcoin in 2020 to nearly $70,000 last year.

“It’s amazing how bitcoin prices have held up,” following the devastating collapse of FTX that wiped roughly $200 billion from the combined bitcoin and crypto market, even after an amount impressive $2 trillion has already been wiped from the market, Mobius said.

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MORE FORBESTerra Luna 2.0? Binance CEO Reveals Huge $2 Billion Fund After FTX Collapse Sends Bitcoin and Crypto Price DownBy Billy Bambrough

The price of bitcoin has been on a strong downward trend over the past year, pushing bitcoin to lows of… [+] $16,000.

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Meanwhile, bitcoin price watchers have seen a slight upturn in market confidence over the past 24 hours.

“The cryptocurrency market is showing signs of buying in a downturn and has outperformed stocks over the past 24 hours, bolstering buyers’ hopes,” wrote Alex Kuptsikevich, senior market analyst at FxPro, in e-mail comments.

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