© Reuters
Investing.com – The and the cryptocurrency market in general are trading higher on Tuesday, with the largest cryptocurrency by capitalization rising 1.76% over 24 hours at the time of writing.
Currently at $16,500, the has nearly reversed yesterday’s fall. Recall that Bitcoin had slipped on concerns about tensions in China, like most speculative assets. The cryptocurrency market also had to digest the announcement of BlockFi’s bankruptcy yesterday afternoon, in what constitutes further collateral damage from the implosion of FTX.
However, Bitcoin resumed its upward path early this morning as overall sentiment was boosted by speculation that protests against China’s anti-covid policy will lead to an early reopening of the Chinese economy.
Although encouraging, Bitcoin’s rebound since last night has had little impact from a graphical point of view, the cryptocurrency is maintaining its recent range, with a daily context that is still not very encouraging. Thus, nothing rules out a bigger fall in Bitcoin, with some analysts turning their gaze to the $10,000 threshold as a potential floor for the current bear market.
Mark Mobius predicts Bitcoin to fall to $10,000
This is particularly the case of Mark Mobius, co-founder of Mobius Capital Partners LLP who said during an interview in Singapore on Monday that his next target for bitcoin is $10,000, a level not seen since. September 2020. This would correspond to a fall of around 40% compared to current prices.
Mobius has also clarified that it will not invest its own cash or customer funds in digital assets deeming it “too dangerous”.
He, however, reaffirmed his long-term belief, emphasizing that “crypto is here to stay because there are several investors who still have faith in it.” The investors also pointed out that it is “astonishing how bitcoin prices have held up” despite the FTX bankruptcy scandal.
Dogecoin outperforms most other cryptocurrencies
While Bitcoin remains under threat of a bigger drop, the situation is different for another very popular cryptocurrency, . DOGE is currently up 8% over 24 hours and more than 37% over a week, going its own way, independent of other cryptocurrencies, thanks to the support of Elon Musk.
The Tesla (NASDAQ:) and Twitter (NYSE:) boss, who openly displays his affection for Dogecoin on a regular basis, shared some slides from a Twitter presentation he gave on Sunday. This presentation described in particular the planned functionalities of the future redesigned Twitter application. However, we learned that Musk plans to integrate payment functions into the application.
It was enough for the crypto community to once again speculate on a potential integration of Dogecoin into Twitter, a subject that has come to the fore regularly since Musk first publicly considered buying Twitter, and which should continue to animate the evolution of the price of Dogecoin until Elon is clearer on this subject.