Veteran Trader Predicts $10k Bitcoin in 2023
Veteran investor Mark Mobius, who correctly predicted last year that Bitcoin would drop to $20k in 2022, has an even more bearish outlook for next year. He predicts and explains why Bitcoin could crash to $10,000.
According to the co-founder of Mobius Capital Partners the breaking of technical support levels of $18,000 and $17,000 could accelerate Bitcoin’s fall in the coming months. Asked why Bitcoin rose to $68,000 last year, Mark blames the Fed’s money printing.
Asked why speculators would lose interest in Bitcoin in 2023, Mark sees higher interest rates on regular bank accounts as another possibility to get guaranteed income.
With higher interest rates, the attraction of holding or buying Bitcoin or other cryptocurrencies becomes less attractive since just holding the coin does not pay interest.
In fact, #Bitcoin price could drop to zero if no one is willing to buy and hold it. One use of Bitcoin is to transfer money from one country to another without govt interference. This function could be used for good or for bad. https://t.co/7HeY0qO9Eq— Mark Mobius (@MarkMobiusReal) November 29, 2022
Of course there have been a number of offerings of 5% or higher interest rates for crypto deposits but many of those companies offering such rates have gone bust partly as a result of FTX. So as those losses mount people become scared of holding the crypto coin in order to earn interest.
However, in the long run Marc believes Bitcoin and crypto “is here to stay as there are several investors who still have faith in it.”
It’s amazing how Bitcoin prices have held up.
Despite the FTX collapse.