Mark Mobius is an American portfolio manager at Franklin Templeton Investments who is particularly credited with pioneering emerging market investing. But over the past year, Mobius has also frequently commented on Bitcoin – and has often been very precisely correct when it comes to Bitcoin price predictions. Mark Mobius gave an interview to the American television channel CNBC on Thursday.
In his view, Bitcoin could again correct around 40% and fall to $10,000 in 2023 – this Bitcoin price prediction should shock some Bitcoin bulls. Because BTC was actually priced firmer last week and was even able to break through $17,000 again today. As long as BTC continues to trade above the support zone around $16,800, the downside potential seems limited, at least in the short term.
Technical support dropped to $18,000 and $17,000: $10,000 2023 target price
Mark Mobius, a well-known investor and founder of Mobius Capital Partners, is a bitcoin bear. Having already correctly predicted the $20,000 crash, he sees other downsides. After the key support zone between $17,000 and $18,000 failed to hold, consolidation is likely to take place in this area. However, it is medium term bearish – 2023 could see a crash of 40% causing Bitcoin to correct to around $10,000.
Rising interest rates and restrictive monetary policy in the United States are the cause
The reason for the bearish Bitcoin price prediction lies in the macroeconomics. Because rising interest rates are negative for risky assets. At the same time, US monetary policy remains hawkish. Restrictive monetary measures hurt Bitcoin price. Because simply holding the coin does not bring any interest, so it is becoming less and less attractive in the current market environment.
In recent years, the easy money policy has caused a boom in the crypto market. With the money supply increasing by 40% over the past few years, there was simply more than enough money in the United States to speculate with digital coins. Quantitative easing acted as a bullish price driver.
Bullish divergence on the weekly chart, bearish monthly chart
With the price jumping above $16,800, Bitcoin’s technical chart picture has improved in the near term. The bulls should now defend this price level and, after some initial profit taking, break above $17,000 again in a further process.
A bullish divergence has recently formed on a weekly basis. The RSI is in a slight uptrend as the chart picture continues to make lows. Although this does not indicate a quick trend reversal, further price pullbacks are possible. Nevertheless, the bullish diver line could indicate an easing of the selling.
In contrast, the longer-term monthly chart remains strongly bearish. In recent months, Bitcoin has always closed lower compared to the beginning of the month. Further price declines seem possible given the monthly chart.
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