Bloomberg strategist doubles down on $10,000 bitcoin call but peers say its 'silly'

Bloomberg Intelligence senior commodity strategist Mike McGlone is maintaining his bearish forecast that Bitcoin could fall to $10,000, suggesting the crypto bear market is not over and remains vulnerable to sharp repricing in global risk assets.

This prediction was strongly refuted by several market analysts, including Mati Greenspan, who stated that a drop to $10,000 would necessitate an extraordinary global liquidity crisis, a nuclear war, and the internet ceasing to function, calling such extrapolations "silly conclusions."

McGlone bases his view on Bitcoin trading in tandem with speculative assets due to institutional growth, trapping it in a macroeconomic unwind driven by deflationary pressures. Conversely, other analysts see potential for further decline, perhaps to $28,000, but view $10,000 as highly improbable, with some suggesting the market bottom might already have been seen after a 50% retracement from the all-time high.

(Source：CoinDesk)