Bloomberg Intelligence strategist Mike McGlone has warned that Bitcoin's price could plummet to $10,000, marking an 85% decline as the cryptocurrency market "bubble is imploding." McGlone attributes this potential downturn to changing market narratives, including surging stock markets with low volatility and diminishing faith in President Trump's crypto support. Additionally, gold and silver traders are rapidly taking profits, signaling further challenges for Bitcoin investors. The warning comes as Bitcoin has already fallen nearly 30% in the past month, contributing to a $2 trillion loss in the crypto market's value. Investors have withdrawn $678 million from Bitcoin ETFs in February, extending a $6 billion selloff since November. Despite this, some major institutions remain optimistic about Bitcoin, with US Treasury Secretary Scott Bessent highlighting potential boosts from upcoming crypto legislation and firms like BlackRock and Goldman Sachs increasing their crypto exposure.
Bloomberg Analyst Predicts Bitcoin Could Plunge to $10,000 Amid Market Turmoil
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