Bloomberg analyst: Bitcoin may fall to $10,000, the market needs to undergo a complete "reset"

Odaily Planet Daily News Bloomberg senior strategist Mike McGlone said in an interview that Bitcoin may fall sharply to $10,000 due to the continued sell-off and overvaluation in the global market. He pointed out that there is a serious bubble in crypto assets including Dogecoin, and the entire industry needs to be "purified" like when the Internet bubble burst. McGlone warned that the current Bitcoin "digital gold" narrative is facing a stress test, and ETF investors are "learning in a painful way." What they bought is not gold, but highly volatile leveraged assets. He believes that market resets are inevitable, and investors should be prepared for long-term repairs rather than quick rebounds. (Cointelegraph)