Mobius Capital Partners co-founder Mark Mobius says leading crypto Bitcoin (BTC) has not reached its bottom yet after a prolonged downtrend.
According to a new Bloomberg report, the investor says digital assets serve as a gauge of investor sentiment and tend to correlate with stocks.
“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.”
Mobius also says he believes the right time to start purchasing stocks is when investor sentiment is at a low after both institutional and retail traders suffer heavy losses and “throw in the towel.”
The investing veteran then says as long as BTC traders are looking to buy the top crypto asset by market cap when its price dips, there is still room for Bitcoin to fall.
“[As long as traders] 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.”
In May, Mobius predicted Bitcoin would eventually reach the $20,000 mark before slightly bouncing and continuing to decline all the way down to $10,000.
Bitcoin is changing hands at $20,377 at time of writing, a 0.5% dip on the day.
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Source: https://dailyhodl.com/2022/06/23/legendary-investor-mark-mobius-says-bitcoin-bottom-is-not-in-yet-heres-why/