Bitcoin Bear Case Strengthens: Analyst Warns of Major Market Shift
According to Mike McGlone, senior commodities strategist at Bloomberg Intelligence, the market may be warned if Bitcoin closes below $84,000 in 2025. A price level like this could signal a more general risk-averse attitude across both equities and commodities. In fact, he thinks it’s more likely that the top cryptocurrency will finish 2025 below the previously indicated amount than above $94,000.
Why Does McGlone Say Bitcoin Will Face More Difficulties?
The bearish outlook that McGlone has on Bitcoin and other risk assets is something that has emerged as a continuous thread across his commentary over the course of the past month. There is a convergence of mean-reversion pressures and historical analogies to previous downturns that are the origin of this phenomenon. His wager against Bitcoin has been well-received up to this point, as the flagship cryptocurrency has been doing far worse than gold.
Bloomberg Analyst Warns: Bitcoin Could Drop to $10K
The Bloomberg analyst sees Bitcoin as a sign of post-inflation deflation. He frequently portrays the crypto pioneer as a high-beta leader who will drop the S&P 500 and other speculative assets. In fact, he recently projected a severe bear-case scenario for BTC, predicting a drop to $10,000. If macroeconomic hardship and crypto structural weakness persist, this gloomy situation is possible. It’s also critical to keep in mind that this is the worst-case situation. However, McGlone believes BTC could fall to $50,000 amid decreasing sentiment.
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