Bull Strategy, an institutional investor known for regularly issuing Bitcoin on a weekly basis ($BTC) and did what was feared, making the first Bitcoin sale.
This caused Bitcoin to fall, with the price dropping below $72,000.
Related news Just in! It finally happened: the strategy created the first Bitcoin ($BTC) Sale! We have reduced the price! – The amounts are as follows $BTC Sold!
Due to this situation, further economic decline is expected. $BTC Bloomberg strategists say that in a worst-case scenario, $BTC It could go as low as $10,000.
Mike McGlone, senior macro strategist at Bloomberg Intelligence, predicted in his latest analysis that Bitcoin could fall to its long-term average of around $10,000.
McGlone pointed out that the correlation between cryptocurrencies and stocks collapsed in late May, when the crypto market slumped and the S&P 500 index hit an all-time high.
For now, McGlone described Bitcoin’s divergence from the S&P 500’s all-time high in late May as a significant sell signal, noting that this breakout could send Bitcoin’s price down toward $10,000.
The analyst cited another bearish signal as the Bloomberg Galaxy Crypto Index (BGCI) falling below the 2,000 level, half of its 2025 peak.
In conclusion, McGlone analyzed that the market is entering a broad bubble burst phase and that Bitcoin may experience a correction similar to 2018.
However, some analysts in the sector argue that a $10,000 scenario is unlikely, citing strong demand base from BlackRock and Fidelity’s Spot Bitcoin ETF.
However, McGlone still sees a chance for Bitcoin to recover, marking the $75,000 level as a red line. Only a sustained and solid decline above this level could invalidate the bearish scenario.
As you may recall, McGlone previously made similar predictions for a drop to $10,000 in February and April.
*This is not investment advice.
