Bitcoin Bubble Bursting... Could Fall to $10,000

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Bitcoin (BTC) and the broader cryptocurrency market are collapsing, and in such a scenario, Bitcoin’s price could return to the $10,000 level, according to analysis. Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence, said, “A Bitcoin collapse could signal the next recession. The ratio of U.S. stock market capitalization to GDP has reached its highest level in about 100 years, while the 180-day volatility of the S&P 500 and Nasdaq 100 indexes is at its lowest point in the past eight years. The cryptocurrency bubble, including Bitcoin, is bursting, and this volatility could spread to the stock market. Bitcoin, a risk asset highly dependent on market sensitivity, is likely to experience deeper declines if the stock market fails to hold up. Assuming that U.S. equities have peaked, Bitcoin could fall to the $10,000 level.”

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