In short
- Mike McGlone of Bloomberg Intelligence reported that the price of Bitcoin could drop to $10,000 this year.
- He said that the cryptocurrency lead and capitalization of the market has been wrong with the introduction of millions of cryptocurrencies.
- McGlone bet that Tether’s USDT, which is currently the third largest digital currency by market size, will overtake Bitcoin and Ethereum.
It wouldn’t be surprising if BitcoinThe price has fallen to $10,000 following a meteoric rise during the crypto boom, Bloomberg Intelligence Senior Commodities Strategist Mike McGlone reported on Sunday.
In LinkedIn postMcGlone noted that “the biggest faucet in history may be running out,” with the digital asset poised to fall to its lowest price since July 2020—which Bitcoin crossed nearly 69 months ago.
With Bitcoin changing hands around $70,000 on Monday, the price of the digital asset should drop by more than 85% to $10,000, according to CoinGecko. If Bitcoin was valued at that price today, its market capitalization would be close to $200 billion.
McGlone admitted that Bitcoin can prove him wrong if it can stay above $75,000, explaining that the level is a very important part. Last month, the digital currency jumped as high as $75,600 amid political turmoil before retreating.
In his post, McGlone said that $10,000 is Bitcoin’s “highest trading price since 2017,” when the future control was introduced by Cboe and CME Group in the US He said that thousands of cryptocurrencies, “and few follow the tangible benefits,” the first appearance since then.
Although McGlone’s prediction should lead to further gains in Bitcoin, the analyst indicated on Monday that his warning comes from a place of caution. Meanwhile, some experts believe it that the price of Bitcoin has already fallen in the midst of its recent trends.
“I see a storm coming, and it’s my job to warn you,” McGlone said he said time The Wolf Of All Streets Podcast and Scott Melker on Monday. “Don’t reject a bear, just accept it.”
Since Bitcoin peaked above $126,000 in October, the digital economy has fallen by 45%. Last month, McGlone said in an interview with a YouTuber EllioTrades that the crypto market is undergoing a “cleansing” of market capitalization after a period of high capital.
McGlone said that Bitcoin is suffering from the rise of other cryptocurrencies, including meme coins such as. Dogecoin and Shiba You that “it must be washed to zero.”
Many experts believe that the Bitcoin market changed with the start of the exchange of money that tracked the value of the digital currency in 2024, which could reduce the risk of problems due to the large mix of investors, including institutions.
However, McGlone said that investing in Bitcoin through ETFs and options means that “Bitcoin is no longer interesting.” Meanwhile, he pointed out that the risk factors have become more closely related, which makes the digital economy more vulnerable to stock market volatility.
On LinkedIn, McGlone said that cryptocurrencies pegged to the US dollar have emerged as a “fixed trend” in the digital space. He said that Tether’s USDT, which currently has $184 billion, will be the largest digital asset with a market cap.
As the third largest digital asset, the leading stablecoin still has a long way to go: Bitcoin’s market cap stood at $1.4 trillion on Monday, while Ethereum he had a net worth of $261 billion.
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