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Bloomberg Intelligence Strategist Predicts Bitcoin Price Could Drop to US$ 10,000 After Nearly 30% Decline in a Month, Loss of US$ 2 Trillion in Crypto Market and Accumulated Outflow of US$ 6 Billion from ETFs Since November
The price of Bitcoin could drop to US$ 10,000, according to a warning from Bloomberg Intelligence strategist Mike McGlone, who predicts an additional 85% decline in Bitcoin’s price amid a loss of US$ 2 trillion in the market and outflows of US$ 6 billion from ETFs.
Bitcoin Price Could Drop Another 85%, Says Strategist
Bloomberg Intelligence strategist Mike McGlone stated that the “bubble” in the cryptocurrency market is imploding. He believes the price of Bitcoin is about to drop another 85%, reaching US$ 10,000.
McGlone emphasized that, although investors speak of a healthy correction, the narrative around cryptocurrencies is changing for various reasons. He wrote that the mantra of buying on the dip, prevalent since 2008, may have come to an end.
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According to the analyst, the combination of factors signals more difficulties for Bitcoin investors. The warning comes at a time of strong pressure on the sector.
Market Has Already Lost US$ 2 Trillion in Value
The price of Bitcoin has already fallen nearly 30% in the last month. The crisis in the cryptocurrency sector has wiped out US$ 2 trillion in market value in the recent period.
Additionally, investors sold US$ 678 million in Bitcoin exchange-traded funds in February. Since November, the accumulated sale of these ETFs totals US$ 6 billion, according to data from DefiLlama.
McGlone notes that the current scenario reinforces his view that the price of Bitcoin may face further significant declines in the coming months.
Factors Mentioned for the Narrative Change
Among the factors pointed out are the rise of stock markets with low volatility and the loss of confidence in the enthusiasm of U.S. President Donald Trump for cryptocurrencies.
At the same time, investors in gold and silver are taking profits at a speed not seen for about half a century. For McGlone, this combination increases the risks for those maintaining exposure to Bitcoin.
The analyst believes that this transition in investor behavior could accelerate the adjustment process in Bitcoin’s price.
Capital Outflows and Diverging Positions
Despite the warning, there are still influential investors optimistic about the asset. On Thursday, U.S. Treasury Secretary Scott Bessent stated that the approval of cryptocurrency legislation, such as the Clarity Act, will strengthen confidence and boost prices.
Institutions like BlackRock and Goldman Sachs continue to increase their exposure to Bitcoin and alternative cryptocurrencies like Ethereum. This movement indicates that the market remains divided regarding the outlook.
Nervousness in the Technology Sector and Indirect Impact
Technology sector stocks, which closely follow Bitcoin’s price movements, are also under strong pressure. Growing fears of disruptions caused by artificial intelligence, dubbed AI fear, have heightened anxiety.
BlackRock’s main tech ETF, which tracks companies like Microsoft, Oracle, and Palantir, has accumulated a 23% drop this year. On February 1, Microsoft saw its market value drop by US$ 357 billion, marking the second-largest drop in a single session in history.
Ed Yardeni, president of Yardeni Research, stated that technological innovations tend to be disruptive and dynamic. According to him, technological obsolescence is occurring at maximum speed, a pace that recently shocked investors and led to the sell-off of stocks that may be negatively affected by AI.
In this context, the price of Bitcoin remains under pressure, with signs that the market continues to be volatile and susceptible to new sharp movements.
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