【Bloomberg strategist reiterates: Bitcoin could fall toward $10,000】
Bloomberg senior commodity strategist Mike McGlone reiterated on November 7 his view, first put forward in Q1 2025: if the S&P 500 undergoes a 20% correction and remains weak, Bitcoin could “lose a zero” and fall toward $10,000. He said this remains his base case. The S&P 500 closed at 7,376 on Friday, about 6% below its 52-week high; the Nasdaq has fallen 10% from its record high. McGlone also noted that Bitcoin peaked on October 6 last year, and the Nasdaq peaked on the same day exactly one year later. Bitcoin is currently trading at around $75,830, up 0.2% over 24 hours. (Source: Stocktwits, November 7) $BTC
Bloomberg senior commodity strategist Mike McGlone reiterated on November 7 his view, first put forward in Q1 2025: if the S&P 500 undergoes a 20% correction and remains weak, Bitcoin could “lose a zero” and fall toward $10,000. He said this remains his base case. The S&P 500 closed at 7,376 on Friday, about 6% below its 52-week high; the Nasdaq has fallen 10% from its record high. McGlone also noted that Bitcoin peaked on October 6 last year, and the Nasdaq peaked on the same day exactly one year later. Bitcoin is currently trading at around $75,830, up 0.2% over 24 hours. (Source: Stocktwits, November 7) $BTC