Leading cryptocurrency Bitcoin (BTC) fell by nearly 30% from its ATH of $109,000 to below $75,000, but then made a slight recovery to $79,000. As investors continue to be nervous about the sharp declines experienced by Bitcoin, Bloomberg analyst Mike McGlone warned investors. Mike McGlone stated that a market reset in global markets is inevitable and claimed that Bitcoin could fall to as low as $10,000 as part of this comprehensive reset. The Bloomberg analyst warned investors in a recent interview that steep declines are likely to continue and said that Bitcoin’s digital gold narrative is undergoing a critical test. “The market sell-off is deepening due to Donald Trump's ongoing tariff wars and a sharp correction is taking place in cryptocurrency prices. The decline may deepen further amid excessive speculation and overvaluation in the crypto space. “Look at Dogecoin for example, it still has a $20 billion market cap but it should go to zero. The whole industry needs to be cleaned up, just like the dot-com bubble did. Here too, Bitcoin could go down to $10,000.” Don't Expect a Rapid Recovery in Bitcoin! Arguing that BTC could drop to $10,000, McGlone also warned investors not to expect a quick recovery. At this point, the analyst warned investors not to expect a rapid, V-shaped recovery like the one after the COVID-19 crash. McGlone added that this warning does not mean not evaluating opportunities, stating that investors can look for opportunities in the long term in the decline and said they should be prepared for a longer recovery process. *This is not investment advice. Continue Reading: Bloomberg Analyst Mike McGlone Issues Serious Warning About Bitcoin (BTC)! "Don't Expect a Quick Recovery, Price Could Drop to These Levels!"
