Bloomberg Analyst Warns: Bitcoin Could Plunge to $10,000 Amid Market Turmoil

A senior Bloomberg strategist has issued a stark warning that Bitcoin could collapse to $10,000, a potential 85%+ correction from current levels, as the cryptocurrency faces intense selling pressure. Bitcoin (BTC) has retreated below $70,000, failing to hold its test of the $72,000 resistance earlier this week, with CoinCodex data showing declines of 0.8% over 24 hours and 4.3% over the past week. The sell-off is attributed to escalating global geopolitical tensions and macroeconomic uncertainty, casting a severe bearish shadow over the digital asset's near-term trajectory.

Can Bitcoin (BTC) Fall To $10000?

In a recent interview with YouTuber EllioTrades, Bloomberg analyst Mike McGlone reiterated his previous prediction of Bitcoin (BTC) falling to the $10k price level. McGlone believes the crypto market remains in a prolonged macro-driven reversal. The analyst says that the bear market may not be over yet, and warns that Bitcoin (BTC) could see a price dip if risk-assets reprices sharply.

However, other analysts do not share McGlone’s outlook. Some believe it would take an extreme global liquidity crisis to pull Bitcoin (BTC) down to $10000. While BTC fell to the $15,000 price level during the 2022 market crash, one should note that back then the market was reeling the effects of the FTX collapse. This time around, the market is down due to macroeconomic uncertainties, geopolitical tensions, and a liquidity crunch.

Analyst Arthur Hayes also recently said that it is unclear when Bitcoin (BTC) will hit its bottom. The popular crypto personality noted that Bitcoin (BTC) could dip below the $60,000 price level, but may pick up steam if the Federal Reserve begins printing more money to sustain its war efforts in the Middle East.

Bitcoin (BTC) currently has some support at the $61,000-$62,000 price level, and faces resistance at the $72,000-$73,000 price range.