A Bloomberg expert predicted that Bitcoin will soon fall to $10,000.

In the short term, Bloomberg analysts expect the price of Bitcoin to fall below key support levels, said Mike McGlone, senior strategist at the company.

In an interview with Bloomberg Radio, Mike McGlone compared the current market situation to 2018, when Bitcoin plummeted from $10,000 to $3,000. On November 19, the price of the leading cryptocurrency stabilized at $92,000, up 0.57%, but the Bloomberg Galaxy Cryptocurrency Index lost 14%.

This drop, according to a Bloomberg analyst, highlights the high volatility of the market, where speculative strategies and the outflow of assets from Bitcoin ETFs are leading traders to massive forced sell-offs.

“In 2018, I predicted that Bitcoin would fall from $10,000 to zero. I was 70% right. I'm saying the same thing now. I think BTC could return to $10,000,” the expert said.

According to technical analysis, Bitcoin's current key support level is around $90,000. However, McGlone is confident that this level will be broken, after which the price will collapse to $50,000, and possibly even lower.

Previously, former CoinDesk research director Noelle Acheson suggested that the fall in the price of the first cryptocurrency below $90,000 could be a sign of institutional investor uncertainty amid global liquidity issues.

Source: cryptonews.net