Billionaire Investor Mark Mobius Predicts Why Bitcoin (BTC) Is Yet To Bottom

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With its latest price crash, Bitcoin (BTC) has turned the attention of global investors to itself. Some of the big investors could be waiting on the sidelines with cash to invest in BTC as it hits a new bottom.

But the reality is no one knows when the exact bottom will come. Billionaire investor Mark Mobius has made a prediction and thinks that Bitcoin’s bottom has still yet to come. During his latest interview with Bloomberg, Mobius said:

Bitcoin investors “are still talking about buying on dips that means there is a feeling of hope. That also means that we have not reached the bottom of a bear market.”

Bitcoin has been often correlated to the U.S. stock indices, especially the Nasdaq 100. However, Bitcoin and the broader crypto market have been correcting faster than the U.S. equities since the start of May. Interestingly, Mobius stated that Bitcoin would be the leading indicator of when the stock-market bottom and asks equity traders to turn their attention to cryptocurrencies. He added:

“Cryptocurrencies are a measure of investor sentiment. Bitcoin goes down, the next day the Dow Jones goes down. That’s the pattern you get. That shows that Bitcoin is a leading indicator.”

He further added that only when retail and institutional players “throw in the towel” and stop putting more cash because of losses is when the market hit rock bottom.

Bitcoin Miner Capitulation on the Rise

Bitcoin miners have been one of the biggest sellers during this market crash. As the BTC price corrected under $20,000, miners sold more BTC from their holdings in order to cover operational costs.

However, CryptoQuant CEO Ki-Young Ju also adds that several indicators have been showing signs of a bottom. He says that opening a huge short position on Bitcoin at this stage isn’t advisable. However, this could also be a period of long consolidation for Bitcoin.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.



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