Bloomberg analyst says BTC could fall to $10K if U.S. stocks correct

Bloomberg Intelligence senior commodity strategist Mike McGlone reiterated that BTC could fall to $10,000. In a post on X, McGlone said BTC recently faced resistance at $80,000, about 70 basis points of Federal Reserve rate hikes are priced in over the next year, and the S&P 500 remains excessively elevated relative to its 200-week moving average. McGlone added that if the S&P 500 falls about 20% and the downturn persists, BTC’s losses could widen significantly. McGlone had also said in June that BTC could decline to $10,000 over the long term.