Bloomberg analyst: Bitcoin may fall to $10,000, the market needs to undergo a complete "reset"

Odaily News Mike McGlone, a senior strategist at Bloomberg, stated in an interview that Bitcoin could significantly fall to $10,000 due to the ongoing global market dumping and overvaluation. He pointed out that there is a serious bubble in crypto assets, including DOGE, and the entire industry needs to be “purified” like it was during the bursting of the internet bubble. McGlone warns that the current narrative of Bitcoin as “digital gold” is undergoing a stress test, and ETF investors are “learning the hard way” that what they bought is not gold, but a highly volatile leveraged asset. He believes that a market reset is inevitable, and investors should prepare for a long-term recovery rather than a quick rebound. (Cointelegraph)