‘Bitcoin Is Going To $10,000,’ Bloomberg’s McGlone Says: Crypto Is A ‘Dead’ Asset Class
Bloomberg Intelligence senior commodities strategist Mike McGlone predicts Bitcoin (CRYPTO: BTC) will fall to $10,000, calling the crypto asset class “dead” as unlimited token supply and five years of underperformance versus the S&P 500 make it uninvestable for institutional risk managers.
The $10,000 Target Explained
McGlone defines $10,000 as the most widely traded price for Bitcoin since 2019-2020, similar to how crude oil has traded around $57 per barrel for almost 10 years.
“That’s where Bitcoin set its place,” McGlone said, arguing the asset will return to this level during a broader risk asset correction.
McGlone previously called for Bitcoin to drop to $1,100 in 2018 when it traded at $10,000.
Bitcoin ultimately bottomed at $3,000, making him “30% wrong, 70% right.” He became bullish in 2019 and correctly predicted Bitcoin would exceed $100,000 in 2020 by “just adding a zero.”
Now McGlone argues Bitcoin must “lop off a zero” from $100,000. Currently trading around $68,000, he’s about 32% …
About The Author
