The Most Bearish Bitcoin Call on Wall Street 🐻

Mike McGlone, senior commodity strategist at Bloomberg Intelligence, is sticking to his forecast that bitcoin falls below $10,000. That would be a 92% drop from the all-time high.

🤔 His argument isn't about crypto specifically. McGlone believes bitcoin has become increasingly correlated with other speculative assets as institutional money poured in, which killed the "uncorrelated hedge" narrative.

What's left, in his view, is an asset trapped in a broader macro unwind driven by deflationary pressure and excess speculative supply.

He thinks the correction in traditional risk markets isn't finished, and crypto won't bottom until the speculative excess gets purged. His trading advice: sell any rallies.

Anyone here as bearish this dude? 💬$BTC

BTC

68,589.43

+3.32%