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Bitcoin May Revisit $10,000 for Worse Reason Than FTX Downfall: Bloomberg's Chief Analyst

Wed, 11/09/2022 - 16:05
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Yuri Molchan
Chief strategist of Bloomberg has named driver that may push BTC down to $10,000
Bitcoin May Revisit $10,000 for Worse Reason Than FTX Downfall: Bloomberg's Chief Analyst
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Leading commodity strategist Mike McGlone of Bloomberg Intelligence has taken to Twitter to share a forecast that the recent collapse of FTX may be not the worst prospect for the crypto markets this year.

This new factor is likely to be triggered by the fall of Bankman-Fried's exchange. As a result, the tweet says, Bitcoin may revisit the $10,000 level.

McGlone believes that the current Bitcoin decline below the $18,000 level and price drops of altcoins may cause the capitulation of sell stops in the majority of markets, which have been pressurized since the start of the year, bringing on the fall of macroeconomic dominoes.

The great reversion of risk assets, McGlone says in a report, has become obvious today as Bitcoin plunged to the $17,600 zone.

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McGlone warns that the fall of FTX and its co-founder Sam Bankman-Fried has been a shock to the crypto market. However, if this macroeconomic domino fall takes place, the fall of crypto is likely to be much harder. As a result, Bitcoin may find the next support at the $10,000 level.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.