Bitcoin to ‘lose a zero’ and drop to $10,000, warns strategist
Although the cryptocurrency market is anticipating Bitcoin (BTC) to target a new high of around $150,000, a market strategist is warning that the asset might plunge to $10,000. This call comes as Bitcoin struggles with volatility, facing challenges in holding onto the $110,000 support. According to Bloomberg Intelligence senior commodity strategist Mike McGlone, the potential for Bitcoin to drop to $10,000 lies in the fact that it is a risk asset, as he stated in an interview with David Lin, published on September 2. “Bitcoin added a zero. I think it loses a zero now. Go back to $10,000. That’s not a big deal in terms of Bitcoin’s history, but for people who own it is. <…> The first time we traded $100,000 was on December 6th. To me, that was a classic sign that you’re supposed to be selling,” McGlone stated. Bitcoin’s risk status McGlone noted that Bitcoin has become a clear risk-on asset, with its 48-month corre...