Bloomberg Analyst Warning: Bitcoin Price Could Plummet to $10,000!

Jakarta, Pintu News – The cryptocurrency market has recently experienced significant fluctuations, with Bitcoin (BTC) now below the $85,000 mark.

Bloomberg analyst Mike McGlone predicts that the price of Bitcoin (BTC) could fall drastically to as low as $10,000, given the current market conditions that are showing signs of weakness.

Bearish Bitcoin Predictions from Bloomberg

Mike McGlone, analyst from Bloomberg, has given a stern warning against the potential for a dramatic fall in the price of Bitcoin (BTC). According to McGlone, the market is currently showing symptoms of overheating, with gold rising by around 15% since the start of the year, while Bitcoin (BTC) is actually falling.

Read also: Bitcoin Struggles at $83,500 – Can BTC Rebound to $85K Amid Heavy Selling? (March 17)

This prediction is reinforced by the potential 6% drop in the S&P 500 index, which could worsen Bitcoin (BTC)’s condition. McGlone also highlighted that Bitcoin (BTC) was born amid the mortgage market crisis in 2009, and has since led one of the biggest risk asset rallies in history.

However, with the current market conditions, McGlone is of the opinion that Bitcoin (BTC) is highly overvalued and is poised for a major correction.

Contrast Market Analysis

Although McGlone painted a gloomy picture, not all analysts agreed with the bearish prediction.

A market analyst known as CryptoCove predicts that Bitcoin (BTC) may drop to the range of $70,000 to $75,000, based on the falling wedge pattern observed on the Bitcoin (BTC) price chart. This suggests that there is still hope for a price recovery in the short term.

On the other hand, Joe Buchner, a Bitcoin (BTC) maximalist, thinks that if Bitcoin (BTC) does drop to $10,000, it may be due to a larger global crisis.

Buchner emphasized that in such a scenario, Bitcoin (BTC) could be a safe haven, even in the event of a major crisis.

Read also: 5 Cryptos that are Recommended to Sell Before March 2025 Ends!

Outlook and Technical Analysis

On March 15, 2025, the price of Bitcoin (BTC) was briefly trading at $84,230, showing a 1.37% increase in the past day. However, in the past month, the price has fallen by 12.18%.

Technical analysis on the 4-hour chart (15/3) suggests that a price reversal may be imminent, with the formation of a green candlestick that usually signals the end of a downtrend.

If Bitcoin (BTC) fails to break above $84,314, the price may drop again. However, if it can hold above $84,000, the upward momentum could continue. Increased trading volumes and other positive economic factors could push the price higher.

However, rejection at the resistance level could bring further selling pressure.

Overall, with analysts’ mixed predictions, the Bitcoin (BTC) market is currently at a crossroads. Investors and market watchers should pay attention to various indicators and analysis to make the right investment decisions amidst the uncertainty.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coingape. Bitcoin Price Risks Falling to $10K, Bloomberg Analyst Warns. Accessed on March 17, 2025
• CoinStats. Bitcoin Faces Potential Drop to 10K as Market Risks Loom, Warns Bloomberg Analyst. Accessed on March 17, 2025