The institutional bull Strategy, known for its regular weekly Bitcoin (BTC) purchases, did what was feared and made its first Bitcoin sale.
This caused a decline in Bitcoin, with the price falling below $72,000.
Related News: JUST IN! Finally, It Happened: Strategy Made Its First Bitcoin (BTC) Sale! Price Dropped! -Here’s the Amount of BTC Sold!
This situation has led to expectations of further decline in the BTC price, with a Bloomberg strategist stating that in the worst-case scenario, BTC could fall to $10,000.
In his latest analysis, Mike McGlone, senior macro strategist at Bloomberg Intelligence, predicted that Bitcoin could fall to around $10,000, its long-term average.
McGlone noted that the correlation between cryptocurrencies and stocks broke down in late May, when the cryptocurrency market showed weakness and the S&P 500 index reached an all-time high.
At this point, McGlone describes Bitcoin’s divergence from the S&P 500, which hit a record high in late May, as a significant sell signal, noting that this breakout could cause the Bitcoin price to fall towards $10,000.
The analyst cited another bearish signal: the Bloomberg Galaxy Crypto Index (BGCI) falling below the 2,000 level, which is half of its 2025 peak.
In conclusion, McGlone analyzed that the market has entered a broad bubble burst phase and that Bitcoin could experience a correction similar to the one in 2018.
However, some analysts in the sector argue that the $10,000 scenario is unlikely, citing the strong demand base from BlackRock and Fidelity’s spot Bitcoin ETFs.
However, McGlone still leaves a chance for Bitcoin to recover, marking the $75,000 level as a red line. Only a sustained and secure consolidation above this level could invalidate the bearish scenario.
As you may recall, McGlone had previously made similar predictions in February and April regarding a drop to $10,000.
*This is not investment advice.
Continue Reading: A Frightening Scenario from Bloomberg’s Legendary Analyst Mike McGlone! He Revealed His Big Bear Prediction for Bitcoin (BTC)!
Go to Source
Author: NixCoin
Key Highlights Pi Network targets September 15 for the Protocol 27 Mainnet upgrade as testing…
Key Highlights Ripple’s RLUSD team is testing Permission Delegation on the XRPL Devnet, with the…
AI SummaryShowArmstrong warns U.S. lags G20 crypto regulation, urging Senate to pass CLARITY Act by…
Key Highlights Sky holds the largest share of the tokenized funds market, with $4.6 billion…
AI SummaryShowSEC’s crypto rule could revive U.S. token fundraising, reshaping capital markets beyond traditional venture…
Key Highlights Coinkite released firmware 5.6.1 for Mk4/Mk5 and 1.5.1Q for COLDCARD Q following the…
This website uses cookies.
Read More