During a recent appearance on CNBC’s “Squawk Box,” Mark Mobius, an emerging markets fund manager, predicted that the price of Bitcoin could fall to $19,000 in 2023.
The Mobius Capital Partners head has doubled down on the bearish prediction he made in late November following the collapse of the FTX exchange.
Despite the fact that Bitcoin remains relatively resilient during what seems like the crypto industry’s biggest crisis to date, Mobius continues to believe that the largest cryptocurrency will crash lower in 2023.
The world’s largest cryptocurrency is currently changing hands at the $17,300 level on major cryptocurrency exchanges. The bellwether coin is now down roughly 75% from its lifetime peak.
Mobius believes that it’s going to take more pain in terms of higher interest rates.
As reported by U.Today, Bitcoin and stocks declined sharply after the U.S. Federal Reserve signaled that it would continue hiking rates in 2023.
While inflation has likely peaked, it remains way above the Fed’s oft-repeated target of 2%.
During a recent Bloomberg interview, Scott Minerd, global chief investment officer at Guggenheim Partners, opined that the Fed’s recent statements were bearish for the stock market.