Mike McGlone, senior commodity strategist at Bloomberg, has defended his uber-bearish Bitcoin price prediction, arguing that a potential plunge to $10,000 would be "a simple reversion."
According to McGlone, the leading cryptocurrency has "piggybacked" on the US stock market's record-shattering run.
As reported by U.Today, McGlone has repeatedly predicted that Bitcoin could end up losing a zero, riling up many supporters of the leading cryptocurrency.
Yuri MolchanRecently, McGlone told Barnett Energy that he does not see Bitcoin as a safe-haven asset despite the fact that this narrative is often pushed by crypto bulls.
"It trades three times the volatility of gold and the S&P 500. People are learning that the hard way," McGlone said.
McGlone has recalled how he correctly predicted that Bitcoin would be able to add another zero by 2025. The leading cryptocurrency reached its current all-time peak of $108,786.
"Now, I am calling for a simple mean reversion back to $10,000," McGlone said.
This would be "a classic example" of a massive ETF launch marking the price peak.
Gold is beating everything
At the same time, McGlone predicts that Bitcoin will be able to substantially outperform this year.
"When you see gold beating everything and continue to beat everything, that's the warning flag," he said.
Earlier today, spot gold climbed to yet another all-time high of $3,171.
As reported by U.Today, gold advocate Peter Schiff has also predicted that Bitcoin could collapse to the $10,000 level. The crypto permabear expects the cryptocurrency to lose up to 90%
Vladislav Sopov
Dan Burgin