Coingape - 5/14/2022 7:23:43 AM - GMT (+0 )
Mark Mobius, a seasoned investor and co-founder of Mobius Capital Partners warned against buying the dip amid high volatility in Bitcoin’s price. A meltdown in the cryptocurrency market could take the Bitcoin price dip to as low as $10,000 in near future, he was quoted as saying by Financial News.
The Bitcoin price has been hovering around the $30,000 mark in the last few days, having suffered huge losses in the range of 25% in the space of three days. The recent collapse of Terra’s UST stablecoin had a devastating effect on the markets, including Bitcoin and a majority of altcoins.
While there is a widespread debate on whether the asset price bottomed out already, it crossed the $30,000 mark on Friday. The high volatility is leading to debates over Bitcoin price dip and its likely occurence.Warnings On Bitcoin Dip
Peter Schiff, the CEO and chief global strategist of Euro Pacific Capital Inc., had also warned about a deeper bottom level. He recently warned investors in a tweet:
“Don’t make the mistake of thinking Bitcoin’s rally back above $30K indicates that a bottom is in. It’s likely this area is no longer support, but resistance. New support is much lower down.”Trending Stories
A strong proponent of gold and long-time Bitcoin skeptic, Shiff had in January this year predicted panic selling of Bitcoin. He predicted that the market would enter a panic selling phase once Bitcoin price breaks below $30,000.
Meanwhile, the Crypto Fear and Greed Index fell to an ‘extreme fear’ level of 9 on Saturday, after recording a value of 10 on Friday. As of writing, the Bitcoin price was trading at $29,475.57, according to CoinMarketCap. The current price is nowhere close to last week’s Bitcoin price levels of around $40,000.
On the flip side, noted traders like Michaël van de Poppe believe the Bitcoin price could reclaim the $34,000 level if it tests $32,500. The possibility of an upside above $32,500 is indicated by several bullish factors.