Analyst Doubles Down On Bitcoin Falling To $10,000
Bitcoin (CRYPTO: $BTC) remains at risk of falling to $10,000 U.S. unless its price reclaims the key support level of $75,000 U.S. in the near-term, says a well-known crypto analyst.
Mike McGlone, senior commodity strategist for Bloomberg Intelligence, is doubling down on his forecast that Bitcoin could crash to $10,000 U.S. unless it can climb back above $75,000 U.S.
BTC has made several runs at $75,000 U.S. in recent months but failed to remain above that level and fallen backwards each time. Bitcoin is currently trading at $69,500 U.S.
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In a new report, McGlone asserts that if Bitcoin cannot decisively reclaim $75,000 U.S., the path of least resistance is sharply lower for the largest cryptocurrency by market capitalization.
As such, McGlone sees a scenario where BTC drops all the way down to $10,000 U.S., the level last seen in early 2020 during the onset of the Covid-19 pandemic.
The analysts’ bearish forecast isn’t new. He’s been predicting a crash to $10,000 U.S. for several months now.
McGlone sees ongoing challenges to Bitcoin from geopolitical events, economic uncertainty, and new technologies and use cases such as stablecoins.
The analyst sees the $75,000 U.S. level as a market verdict for BTC.
A sustained move above $75,000 U.S. would suggest that Bitcoin has re-established strong demand, ending the downward spiral that began last October when BTC was at $126,000 U.S.
It would also imply that institutional flows, macro conditions, or both are strong enough to override the downtrend in BTC
But failure to get back to $75,000 U.S. and the argument flips, with Bitcoin trapped in a longer-term decline to $10,000 U.S., writes McGlone.
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