Bloomberg Strategist Warns Bitcoin Could Drop to $10,000

Bloomberg Intelligence senior strategist Mike McGlone warned that Bitcoin could fall to $10,000 if the S&P 500 undergoes a prolonged 20% correction. McGlone identified three bearish signals: Bitcoin's failure to break the $80,000 resistance, rising Federal Reserve interest rate expectations, and the S&P 500's significant deviation from its 200-week moving average. He described Bitcoin as a high-beta risk asset that has underperformed on a risk-adjusted basis compared to the S&P 500 over the last five years.