📉 Market Commentary | Bitcoin
Bloomberg Intelligence strategist Mike McGlone warns that $BTC could face a severe downside scenario, potentially falling toward the $10,000 level, an estimated ~87% drawdown from recent prices.
McGlone compares the current market environment to the 2008 financial crisis, noting that equities, gold, and crypto are showing signs of moving lower in tandem.
So far, Bitcoin is already down roughly 40% from its all-time high, highlighting the elevated risk across risk assets.
Macro conditions remain a key driver to watch.