Mobius Capital Partners co-founder Mark Mobius is setting a new downside target for Bitcoin (BTC) as the aftermath of the FTX collapse continues to develop.
In an interview with Bloomberg News, the investing legend says he’s forecasting a Bitcoin decline of nearly 40% from current prices.
Mobius says Bitcoin will hit a low of $10,000. At time of writing, Bitcoin is changing hands at $16,421.
The investor also tells Bloomberg that digital assets are too risky and he would not invest his or his client’s money in the crypto space, saying that “it’s too dangerous”.
But Mobius says digital assets are not going away and will remain part of some investors’ portfolios.
“But crypto is here to stay as there are several investors who still have faith in it.”
Mobius says it’s “amazing” how Bitcoin has held up in the face of the FTX fallout, but is still sticking to his price target of $10,000.
Popular on-chain analyst Willy Woo recently revealed a “max pain” level for Bitcoin should BTC continue to go lower, which roughly aligns with Mobius’ target.
“Bitcoin bottom is getting close under the Max Pain model.
Historically BTC price reaches macro cycle bottoms when 58%-61% of coins are underwater (orange).
Green shading adjusts for the coins locked up inside GBTC Trust.”
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