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Mike McGlone, senior commodity strategist at Bloomberg Intelligence, who had earlier predicted that Bitcoin could crash painfully to $10,000, is reaffirming his view that the apex cryptocurrency could still dip to that level.
Bitcoin Could Fall Below $10,000, Says McGlone
Amid global market turbulence, Bloomberg Senior Commodity Strategist Mike McGlone warns that further volatility may lie ahead.
In a recent interview with EllioTrades, McGlone cautioned that the crypto bear market may continue, warning that Bitcoin could stay vulnerable if global risk assets experience a dramatic repricing.
McGlone’s bearish view stems from macro trends, noting that Bitcoin now mirrors other speculative assets amid growing institutional activity. In his view, Bitcoin has gone from being a hedge against the system to being firmly inside it, and that changes everything. The crypto sector, McGlone says, remains in a broader economic unwind, buffeted by deflationary forces, surplus supply, and incomplete corrections in traditional risk markets.
Bitcoin’s price dipped to $60,000 on February 6 amid its downtrend from the October all-time high of $126,000, before posting a modest rebound. Bitcoin is currently trading at around $70,369, up 1.5% over the past 24 hours, according to CoinGecko data. The top crypto’s recent price increase seemed to align with new attacks on cargo vessels in the Gulf, which pushed oil prices above $100 per barrel.
“That’s where Bitcoin set its place,” McGlone said, predicting the asset will return to this level amid a broader correction in risk assets.
In 2018, McGlone predicted that Bitcoin could fall to $1,100 when it was trading around $10,000. The cryptocurrency eventually bottomed at $3,000, leaving him ‘30% wrong, 70% right.’ He turned bullish in 2019 and famously forecasted in 2020 that Bitcoin would surpass $100,000—simply by “adding a zero.” McGlone now contends that Bitcoin needs to ‘lop off a zero’ from $100K.
Correction May Not Be Over Yet
Notably, the consensus remains bearish on the mid-term outlook, anticipating that Bitcoin could fall to new macro lows. Trader and analyst Rekt Capital observed that, based on historical patterns, Bitcoin’s bear market is likely to persist.
“Time-wise, Bitcoin will soon be halfway through its Bear Market,” he observed in a March 11 post on X. “Retracement-wise, however, Bitcoin has already performed 75% of the downside in its Bear Market correction.”
That said, Bitcoin is likely to remain largely range-bound between $60,000 and $70,000. Other analysts caution that even a rally toward $85,000 could prove to be a bull trap before the broader downtrend resumes.
Still, a retracement all the way to $10,000 seems highly improbable.
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Source: https://zycrypto.com/bitcoin-bloodbath-ahead-bloomberg-analyst-reaffirms-doom-laden-10k-prediction/
