$100K or Bust: Bloomberg Strategist Warns Bitcoin Could Collapse 50%
BeInCrypto
A Bloomberg strategist warns Bitcoin could drop to $56,000 if it breaks $100K support, while on-chain data suggests only a mild correction.Summary
Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, views the $100,000 level as critical support for Bitcoin, suggesting a break below it could lead to a 50% collapse down to $56,000, referencing historical mean reversion to the 48-month moving average. McGlone also warned that a significant Bitcoin drop is highly correlated with the stock market, potentially causing domino effects, citing a recent correlation coefficient of 0.5332 with the S&P 500. Conversely, on-chain analysts from Glassnode suggest the current downturn is a healthy, mild bear phase, noting that Bitcoin's unrealized loss is only at 3.1%, far below the 10% threshold that would signal broader capitulation seen in severe bear markets.
(Source：BeInCrypto)