Bloomberg Intelligence senior macro strategist Mike McGlone predicts that Bitcoin (BTC) could fall to levels last seen in July 2020.
McGlone says that Bitcoin could fall by 39% from the current price and revisit the $10,000 support level over the coming weeks.
The macro strategist says that the crypto selloff witnessed this week has underlined the headwinds facing risk assets going forward.
“The breakdown of Bitcoin and crypto assets may trigger capitulation sell stops in most markets that have been under pressure this year.
The great risk-asset reversion of 2022 has become clear as of November 9, but it’s the remaining trading sessions that may set the stage for 2023, with Bitcoin – one of the fastest horses in the race, and top leading indicator