Bitcoin must retake $75,000 or risk annihilation to $10,000, analyst says
Analyst Mike McGlone predicts Bitcoin could fall to $10,000 unless it reclaims the $75,000 level, citing market structure and historical trading patterns.Summary
Bloomberg Intelligence's Mike McGlone anticipates a potential Bitcoin crash to $10,000 if the cryptocurrency fails to surpass and maintain the $75,000 price point. This forecast is rooted in market structure analysis rather than immediate catalysts, referencing Bitcoin's prolonged period around $10,000 before the 2020 liquidity surge. McGlone argues that with the end of abundant liquidity, Bitcoin may revert to its historical equilibrium price of around $10,000, a level representing significant trading volume since 2017. He also highlights the increasing competition from other cryptocurrencies and the rise of stablecoins as headwinds for Bitcoin. The $75,000 level is considered a crucial threshold; breaking above it would signal renewed structural demand, while failure to do so suggests a continued decline.
(Source：CoinDesk)