- Bitcoin (BTC) has dipped below $70,000 after failing to break the $72,000 resistance level earlier this week.
- A Bloomberg strategist predicts Bitcoin could potentially crash to as low as $10,000 amidst ongoing macroeconomic uncertainties.
- Other analysts argue a catastrophic global liquidity crisis would be required for BTC to fall to that level, noting support currently sits around $61,000-$62,000.
Bitcoin has retreated below the $70,000 threshold this week, succumbing to bearish pressure following an unsuccessful test of the $72,000 resistance level. The decline is attributed to heightened global geopolitical tensions and broad macro uncertainties, which have cast a shadow over risk assets.
CoinCodex data highlights that BTC’s price has slid by 0.8% in the last 24 hours, 4.3% over the past week, and 0.1% across the previous month. Consequently, the flagship cryptocurrency finds itself in a challenging position as market sentiment cools.
In a recent interview with YouTuber EllioTrades, Bloomberg analyst Mike McGlone reiterated his stark prediction that Bitcoin could fall to the $10,000 price level. McGlone believes the crypto market is experiencing a prolonged macro-driven reversal, warning that the bear market may not be over.
However, many analysts contest this extreme outlook. They argue it would necessitate an unprecedented global liquidity crisis for Bitcoin to plummet to $10,000, a scenario they deem highly unlikely under current conditions.
Meanwhile, popular crypto personality Arthur Hayes noted that Bitcoin could dip below $60,000, but also suggested it might recover if the Federal Reserve adopts more stimulative policies. The asset currently has support around $61,000-$62,000 and faces resistance at the $72,000-$73,000 range.
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