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Crypto Analyst Warns 90% Bitcoin Price Crash Is Coming, Here’s When
Bitcoin has reached historic highs this year, but a prominent analyst warns of a potential dramatic price crash. Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, predicts Bitcoin could plummet by over 90%, falling back to around $10,000. He believes the recent surge past $100,000 signals an overheated market and a classic case of investors succumbing to euphoria. McGlone points out that gold has outperformed Bitcoin since it crossed the six-figure mark. He also highlights Bitcoin's increasing correlation with the S&P 500, indicating it's now a risk-on asset. Volatility signals, like the VIX, also suggest a potential market correction. McGlone dismisses the idea of Bitcoin reaching $1 million, citing a different market environment now compared to its previous rally. He argues that the current market is over-leveraged with long positions, making it vulnerable. This high speculative exposure makes a significant retracement more likely than further exponential growth.
