Investor Mark Mobius warned crypto traders against buying the dip
According to the head of Mobius Capital Partners, the strategy will not pay off as there is a risk of further market decline
16.05.2022 - 08:00
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What’s new? Mark Mobius, an investor and founder of the management company Mobius Capital Partners, has warned cryptocurrency traders against using the buy the dip strategy. He believes that the strategy will not work until the price of bitcoin reaches $20 000, from where a rebound may occur. Mobius added that if that does not happen, the next target would be $10 000. This is reported by Financial News. As of May 16, 11:20 Moscow time, BTC is trading at $29 770. (According to Binance).
What events happened before? On May 10, analytics company Santiment reported that about 40 620 BTC ($1,27 billion as of May 11) were sent to crypto exchanges per day. This is the largest inflow of funds to the platforms since December 2019.
Trader and analyst Peter Brandt believes $27 000 to be a local bottom for the bitcoin price, from which a rebound could occur. A surge in trading volumes can be seen on the BTC chart, which indicates capitulation. This process could mean the cessation of further price declines, according to Brandt.
American entrepreneur and author of the bestseller “Rich Dad Poor Dad” Robert Kiyosaki called the bitcoin crash “great news.” He noted that he had previously intended to buy BTC when its price fell to $20 000. Now Kiyosaki expects it to drop to $17 000.
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