Bloomberg strategist reiterates BTC could fall to $10K if $75K fails

A Bloomberg Intelligence senior macro strategist has once again warned that Bitcoin could plummet to $10,000 if it fails to hold the $75,000 level, CoinDesk reported. Mike McGlone argued that BTC's price was around $10,000 before the massive quantitative easing of 2020-2021, a level he described as having the most concentrated trading volume since CME futures trading began in 2017. With the period of abundant liquidity now over, McGlone suggested BTC could return to this equilibrium price. He further contended that the explosive growth of the crypto market could be a hindrance to BTC. Unlike in the past when Bitcoin dominated the market, McGlone explained that millions of tokens now cause capital outflows. He also predicted that Tether's assets under management (AUM) will surpass those of ETH and BTC this year.