Bloomberg senior strategist Mike McGlone has renewed his prediction that Bitcoin (BTC) could decline sharply, potentially returning to the $10,000 level. This forecast contrasts with other analysts who expect a higher bottom near $38,000. A fall to $10,000 would represent a 92% drop from its all-time high of $126,000.
McGlone argues that the $10,000 level is a historically significant reference point, reflecting pre-2020 trading norms. However, this view challenges the pattern of higher lows seen in past post-Halving cycles. The current bearish sentiment is fueled by geopolitical tensions, notably President Trump's remarks on Iran, which have pressured risk assets.
Bitcoin is currently range-bound around $66,000, showing limited directional confidence. Large holders, or 'whales,' have shifted from accumulation to net selling, while institutional inflows into Bitcoin ETFs have turned negative, with investors withdrawing $174 million. Onchain data supports the lack of conviction in the market.
