Bitcoin Faces Deeper Crash as $10K Target Looms, Warns Bloomberg Analyst
Bitcoin’s recent tumble from its peak of $109,000 to under $75,000 has shaken investor confidence, even after a modest rebound to around $77,000.
With uncertainty still gripping the market, Bloomberg’s Mike McGlone has issued a stark warning: this may just be the beginning.
McGlone believes the broader financial system is heading toward a major correction—and in his view, Bitcoin won’t be spared. He suggests the flagship cryptocurrency could plunge as low as $10,000 if the global reset he anticipates fully plays out.
According to him, what’s happening now isn’t just a crypto crash—it’s part of a wider reckoning tied to speculative excesses and growing economic instability.
READ MORE: Jack Dorsey Warns: Bitcoin Risks Failure Without Everyday Use
He pointed to the fallout from escalating trade tensions under former President Trump as a key driver behind the selloff. But beyond that, McGlone argues the entire crypto industry is overdue for a cleansing phase, likening it to the burst of the dot-com bubble.
Meme coins like Dogecoin, which he singled out for having an outsized valuation, represent just how detached parts of the market have become from reality.
As for recovery, the analyst advised against expecting any swift rebound. Unlike the rapid bounce back following the 2020 pandemic crash, McGlone anticipates a much slower, grinding recovery. While he doesn’t rule out long-term opportunities, he cautioned that investors should brace for prolonged volatility and not bet on a quick turnaround.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
