Bloomberg Analyst’s Frightening Scenario for Bitcoin (BTC): A New Downturn May Be Imminent! Here Are the Details

The cryptocurrency market has recently been talking about the $6.3 billion hack suffered by Binance, the world’s largest cryptocurrency exchange, and the US midterm elections taking place today.

Following the Binance hack, Bitcoin fell to the $76,000 level, while altcoins also experienced significant declines.

In this context, while uncertainty continues for BTC and altcoins, a Bloomberg analyst stated that the possibility of Bitcoin falling to $10,000 still exists.

Appearing on The Wolf Of All Streets podcast, Bloomberg Intelligence senior strategist Mike McGlone argued that many assets, including Bitcoin and gold, may have already peaked and that a major market correction is approaching.

Bitcoin Shows a Downward Signal!

According to Mike McGlone, Bitcoin has signaled significant weakness by falling below its 50-week moving average.

The analyst also noted that BTC cannot move independently of stock markets in the cryptocurrency market, and a potential decline in the US stock market would increase pressure on Bitcoin.

At this point, the analyst stated that if US stock markets experience a 20% correction, Bitcoin could fall to $10,000.

Besides BTC, the analyst noted that gold and oil prices could also fall, predicting that international oil prices could drop to $50 per barrel, gold to $3,000 per ounce, and the yield on 10-year US Treasury bonds could fall to around 3%.

McGlone also painted a pessimistic picture for precious metals, gold and silver, adding that they had reached a significant peak and that a prolonged period of decline could be beginning.