Veteran emerging markets investor Mark Mobius has warned investors not to “buy the dip” following the latest crash in bitcoin’s price, predicting a meltdown in the crypto market could drive its price to as low as $10,000 in the coming months.

Bitcoin has suffered huge losses over the past week, plummeting by as much as 23% between 9 May and 12 May amid a sell-off that wiped billions of dollars from the crypto market.