Is $10,000 the Bottom for Bitcoin?
Legendary investor Mark Mobius, now the head of Mobius Capital Partners, has just put out a $10,000 price target for Bitcoin (CRYPTO: BTC). He's now convinced that Bitcoin will trade around its current level of $17,000 over the near term before plummeting as much as 40% in 2023. Bitcoin at $10,000 would bring the crypto back down to its October 2020 level, essentially wiping out all the Bitcoin wealth created in the past bull market.
Mobius, of course, is known as "the godfather of emerging markets" and is no stranger to risk. Over a 30-year career, he helped turn emerging markets into an asset class when he was at Franklin Templeton Investments, and he certainly knows what can happen in volatile, unproven, and unregulated markets. If Mobius is calling a $10,000 price target for Bitcoin, is it time to get out now before the bottom falls out?
As Mobius sees it, there are several good reasons Bitcoin could sink as much as 40% next year to the $10,000 level. The first and most important reason, says Mobius, is inflation and the Federal Reserve's "printing machine." During the crypto boom, there was easy money, and people had plenty of money to speculate in crypto. But now that the Fed is tightening monetary policy and raising rates, this situation will disappear.
Source Fool.com
