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Investors Warn On Bitcoin Dip, Here’s What They Say

Mark Mobius, a seasoned investor, warned about the Bitcoin price dip amid high volatility. A meltdown in the market could take the asset’s price to very low levels in near future, he predicted.
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Investors Warn On Bitcoin Dip, Here’s What They Say

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.

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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.”

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.

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‘Extreme’ Crypto Fear

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.

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Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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