Bitcoin may be headed for a dramatic collapse to $10,000, according to Mike McGlone, chief commodity strategist at Bloomberg Intelligence, who outlined an «extreme bear case» for the world’s largest cryptocurrency.
McGlone said current market conditions resemble the peak of the 1999 tech bubble and warned that Bitcoin’s decline could spill over into the broader stock market.
«I think it can go back to 10,000… Going lower, unfortunately, means the stock market. That’s just normal,» he said.
He noted that volatility remains unusually low, and a downturn in Bitcoin could trigger a wider correction. McGlone also pointed to $90,000 as the key support level, arguing that Bitcoin’s range between $90,000 and $100,000 is likely to break downward, potentially sending the price toward $50,000 before any recovery.
«The 200-day moving average has rolled over… I think it’s all about responsive sellers,» McGlone added.
The comments contrast sharply with bullish predictions from other analysts who expect sustained long-term growth for Bitcoin.
