Sentiment bottoms out only when institutional and retail investors truly “give in” and stop pouring more money into the market because of losses, Mabius said. “That’s when it’s time to start buying stocks.”
Concerns about the risk of a global recession have wiped out billions in bitcoin’s market cap, with the cryptocurrency down about 70 percent from its peak and now trading near $20,000. The slump coincided with the closely watched MSCI world stock index plunging into a bear market as investors worried about the impact of higher interest rates in most countries and disruptions to supply chains.
He also said that as long as bitcoin investors “are still talking about buying the dip, it means there is a sense of hope. It also means we haven’t reached the bottom of the bear market.”
Mapos said he would prefer to hold “some cash” for now and could deploy it in the construction materials, software and medical testing sectors of the Indian stock market.
