Bloomberg strategists reaffirm that Bitcoin could drop to $10,000, while industry insiders counter that this would only happen in the event of extreme occurrences like nuclear war

According to CoinDesk, Bloomberg Intelligence senior commodity strategist Mike McGlone reiterated his bearish view that Bitcoin could drop below $10,000, believing that the crypto market is still undergoing a macro-driven long-term adjustment.

McGlone pointed out that as institutional participation increases, Bitcoin's correlation with speculative assets has strengthened, undermining its function as a hedge uncorrelated with traditional markets. The current market needs to go through a clearing process of excessive speculation. Several analysts have refuted this. The CEO of Quantum Economics stated that for Bitcoin to reach $10,000, extreme events such as a global liquidity crisis, nuclear war, and internet shutdown would be necessary. An analyst from AdLunam believes that a drop to $28,000 may require a global liquidity contraction or a broader financial stress event. PrimeXBT's senior market analyst expects Bitcoin to consolidate in the $60,000 to $70,000 range, with the next major accumulation zone possibly between $30,000 and $40,000, but the likelihood of reaching $10,000 is very low. Some analysts pointed out that Bitcoin completed a major bear market correction in 2022, and the current price is about 50% down from its historical high, suggesting it may have already reached the bottom.