The cryptocurrency market has recently been talking about the $6.3 billion hack suffered by Binance, the world’s largest cryptocurrency exchange, and the US midterm elections taking place today.
Following the Binance hack, Bitcoin fell to the $76,000 level, while altcoins also experienced significant declines.
In this context, while uncertainty continues for $BTC and altcoins, a Bloomberg analyst stated that the possibility of Bitcoin falling to $10,000 still exists.
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Appearing on The Wolf Of All Streets podcast, Bloomberg Intelligence senior strategist Mike McGlone argued that many assets, including Bitcoin and gold, may have already peaked and that a major market correction is approaching.
Bitcoin Shows a Downward Signal!
According to Mike McGlone, Bitcoin has signaled significant weakness by falling below its 50-week moving average.
The analyst also noted that $BTC cannot move independently of stock markets in the cryptocurrency market, and a potential decline in the US stock market would increase pressure on Bitcoin.
At this point, the analyst stated that if US stock markets experience a 20% correction, Bitcoin could fall to $10,000.
Besides $BTC, the analyst noted that gold and oil prices could also fall, predicting that international oil prices could drop to $50 per barrel, gold to $3,000 per ounce, and the yield on 10-year US Treasury bonds could fall to around 3%.
McGlone also painted a pessimistic picture for precious metals, gold and silver, adding that they had reached a significant peak and that a prolonged period of decline could be beginning.
*This is not investment advice.