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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.
Some mining pool participants from Poolin just sent 5k $BTC (~$110M) to Binance.
This might indicate some miners' revenue can't meet the break-even point, so they have to cash out to cover expenses/loans.
Live Chart 👇https://t.co/lqim8dpbXi pic.twitter.com/VWLUMWxUBK
— Ki Young Ju (@ki_young_ju) June 22, 2022
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.
Most #Bitcoin cyclic indicators are saying the bottom.
Not sure how long it would take for consolidation in this range tho. Opening a big short position here sounds not a good idea unless you think that $BTC is going to zero.
Live Dashboard 👇https://t.co/HyTvRA6QrW pic.twitter.com/HYbjliokIq
— Ki Young Ju (@ki_young_ju) June 23, 2022
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