Bloomberg strategist: Bitcoin is heading towards $10,000, and the risk-reward structure has changed

Bloomberg intelligence strategist Mike McGlone stated, "Bitcoin is facing a return pressure, and the price is expected to fall back to around $10,000. Strategy founder Michael Saylor recently said at a Miami Economic Club event, 'We buy Bitcoin with money we can’t afford to lose.'"

"I admire and respect Mr. Saylor; it was his arrival in 2020 (when Bitcoin was close to $10,000) that drove the price of Bitcoin up tenfold. However, many of the things the market anticipated have already happened: the emergence of ETFs, recognition of Bitcoin's benefits by U.S. leaders, and broader mainstream acceptance. Today, the number of cryptocurrencies listed on CoinMarketCap has reached 28 million, while there was only one in 2009. After a series of positive developments, the surge in the number of crypto assets and the market expectations have been fully digested, and the short-term risk-reward structure has changed."