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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Bitcoin Seen Dropping To $10,000, This Asset Management Co-Founder Predicts

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin bearish

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[vc_row][vc_column][vc_column_text]Bitcoin returned to the bottom of its current range and might see further downside pressure in the coming days. The cryptocurrency is still recovering from the collapse of FTX, the former second major crypto exchange in the world, and the contagion unleashed in the sector. 

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As of this writing, Bitcoin has recorded a spike in selling pressure. The cryptocurrency is trading at $16,200 with a 2% loss in the last 24 hours. Other assets in the crypto top 10 record similar price action, but the majority preserves profits from last week. 

Bitcoin price BTC BTCUSDT
BTC’s price moving sideways on the daily chart. Source: BTCUSDT Tradingview

Bitcoin Can Crash To Its 2020 Levels Amid FTX’s Collapse

A report from Bloomberg claims some institutional investors are bearish on Bitcoin. Mark Mobius, experienced fund manager and founder of Mobius Capital, believes Bitcoin might drop to $10,000 in the medium term. 

The fund manager claims the crypto industry might suffer from more contagion. Since the crypto exchange filed for bankruptcy, several companies halted operations. The Digital Currency Group (DCG) company, Genesis, is a prominent case. 

The company stopped accepting withdrawal requests from its customers and is rushing to raise capital to prevent bankruptcy. The situation has led many to speculate about the solvency of DCG. The rumors are contributing to the uncertainty in the crypto market. 

In this context, the price of Bitcoin and other assets is trending sideways. BTC will likely follow this trend for the coming weeks. Mobius classified the current environment as “too dangerous” to invest any of his clients’ money. 

Despite the current market conditions and FTX’s collapse, the fund manager believes crypto will have a permanent role in global finances, hinting at a long-term bullish bias: 

But crypto is here to stay as there are several investors who still have faith in it. It’s amazing how Bitcoin prices have held up.

Bitcoin Options Players Expect Doom For December

Further data provided by Bloomberg, based on the options platform Deribit, indicates a significant open interest leaning toward the put side (sell contracts) for December. By the end of 2022, many investors are expecting Bitcoin to gravitate around $10,000. 

However, this data can also be interpreted as many investors hedging their spot-long positions. Investors buy Bitcoin on exchanges, and to protect against potential downside pressure, they purchase put contracts. 

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BCH Price: Investors May Not Want To Go Long Yet On BCH – Here’s Why

2 years ago

NewsBTC reported that many investors are aiming for Bitcoin at $30,000 by the end of the year. In that sense, the price of Bitcoin might trend higher or lower without impacting these investors’ portfolios. As seen below, the max pain price is $20,000; this price could be the December target, most likely. 

Bitcoin BTC BTCUSDT Chart 3
BTC Options’ Open Interest for the December 30th expiry. Source: Deribit

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Ad discliamer

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