- Bitcoin broke below $71,000, triggering heavy liquidations and renewed downside pressure.
- McGlone warns Bitcoin may drop to $10K if a broader stock market correction occurs.
- Bitcoin’s 200-day MA rollover hints at prolonged bear cycles, but sharp temporary rallies remain possible.
The cryptocurrency market extended its decline, with Bitcoin and major altcoins falling sharply as heavy selling and forced liquidations accelerated losses.
The total crypto market fell about 5.7% in 24 hours to roughly $2.43 trillion, according to market data, driven largely by institutional outflows from U.S. spot Bitcoin exchange-traded funds (ETFs).
Bitcoin Breaks Below Support
Bitcoin dropped below the $71,000 level, breaking a key technical support zone watched by traders. The move triggered more than $400 million in long liquidations over the past 24 hours, according to data.
Ethereum also came under pressure, sliding around 27% over the past week, as large holders reduced exposure. XRP, ADA, SOL, and BNB also slipped into the red.
Bloomberg Analyst’s Stark Warning Resurfaces
Among the more bearish voices was Mike McGlone’s, who had previously predicted that Bitcoin could revisit levels last seen years ago if broader markets continue to weaken.
McGlone had compared the current cycle to previous major market downturns. “In 2018, when Bitcoin was around $10,000, I said it could go to zero,” he said. “I was about 70% right and 30% wrong, and it went to $3,000. I’m saying something similar now.”
McGlone said Bitcoin could fall back toward $10,000, especially if a broader stock market correction unfolds. “That would include everything going lower,” he said. “Unfortunately, that means the stock market as well. It’s normal.”
Technical Signals Point Lower
McGlone had said that technical indicators were flashing warning signs. Bitcoin’s 200-day moving average has rolled over, a pattern often associated with prolonged bear markets.
Historically, Bitcoin has suffered declines of around 50% or more during major down cycles. From recent highs, a move toward $50,000 would fit within past market behavior.
“Sharp rallies can happen in bear markets,” McGlone said, adding that rebounds toward $100,000 cannot be ruled out, but may prove temporary.
Related: Bitcoin Near $70,000: Analysts Say the Real Issue Isn’t Price, It’s Supply
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Source: https://coinedition.com/why-a-bloomberg-analyst-thinks-bitcoin-could-still-fall-toward-10000/
