Are things finally starting to look up for Bitcoin’s price? While there haven’t been many major developments since last week, many experts are adamant that this too shall pass. According to Mobius Capital’s founder, legendary investor Mark Mobius, the price will tumble further before positive news can be expected. Mobius says that it won’t be a shock to see Bitcoin’s price fall to $10,000. However, in the long run, his predictions are not that grim. Mobius believes that crypto is here to stay for good, as there are many investors who believe in it.
It Gets Worse Before It Gets Better
When people like Mobius talk, we should all listen. A billionaire investor, Mobius worked at Franklin Templeton Investments for over 30 years before starting his own company. To put it simply, the man knows what he’s talking about. Back at Franklin Templeton, he was responsible for managing over $50 billion in emerging market portfolios, so he surely knows how assets perform.
According to Mobius, Bitcoin’s next price target is $10,000. That’s disappointing news for crypto owners, but it’s the harsh truth. He said that it’s all because of FTX collapse and the subsequent sell-offs. But, there is a silver lining. While Mobius thinks Bitcoin is ‘too risky’ for his own and his clients’ money, he believes there’s a great number of investors who have faith in the project. He further stated that it’s amazing how prices have held up staring in the face of adversity. Not many assets would have withheld that kind of pressure, and that’s why he believes Bitcoin will persevere.
As for this week’s technical performance, not a lot has changed since last week, although there’s been a positive trend. Bitcoin is constantly attacking the $17,000 level and driving the prices of altcoins up. Early on Wednesday the market was in the green, with notable price jumps for Dogecoin.
Elon Musk is trending on social media, and this time, he’s taking Dogecoin and Ethereum to the moon.
Can Musk’s Master Plan for Dogecoin Help?
According to a leak, Elon Musk’s new master plan is to use Twitter as a platform that will boost Dogecoin’s price. The tech billionaire bought twitter for a whopping $44 billion a month ago, and has been under a lot of pressure from the community for failing to deliver on his promises. However, he and his team have been working on new stuff all along, and recent leaks suggest that he plans to integrate Dogecoin for payments into Twitter’s platform, which could send prices up.
Dogecoin is already on 10c after seeing a surge in popularity these days. That could help get tumbling crypto prices up too. Other investors believe that prices will soar soon, although we thought that last year and nothing ever happened. This year it might be different, although until we see a bearish market, we’d hold those expectations low. But it’ll still be interesting to see what Musk does with Dogecoin. If he manages to integrate it into Twitter, we’re expecting prices to soar.