Bloomberg analyst: Bitcoin may drop another zero to $10,000

Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, stated in an interview with Bitcoin Magazine that Bitcoin "could easily drop another zero," meaning it could fall back to $10,000 from current levels. He was one of the few analysts on Wall Street who was bullish on Bitcoin reaching $100,000 but has now turned bearish.

McGlone mentioned that the launch of Bitcoin ETFs actually marks the end of this trading cycle, as Bitcoin has turned into a high beta "stock puppet" with no independent advantages, highly correlated with the stock market. He also noted that the market has priced in three interest rate hikes by the Federal Reserve, which poses headwinds for major assets including Bitcoin, gold, and copper.

The interview also covered topics such as the energy shock in the Middle East, the U.S. midterm elections, the situation between Russia and Ukraine and diesel exports, stablecoins and the GENIUS Act, Tether's layout in Hong Kong, and asset tokenization. McGlone indicated that U.S. Treasuries are his important trading direction moving forward.