Bitcoin Faces Potential Drop to $10K as Market Risks Loom, Warns Bloomberg Analyst

Highlights:

• Mike McGlone warns that Bitcoin may drop to $10K due to market risks and the rise in the price of gold.
• Different analyses suggest that the market will need external factors to rebound or decline further.
• The RSI is showing neutral momentum, and other factors are needed to trigger an upward movement.

Mike McGlone, a Bloomberg analyst, has warned that the price of Bitcoin could fall to as low as $10,000. He argues that the current market environment suggests a bearish trend that is already ongoing. According to McGlone, the risk markets are showing evidence of overheating while gold prices continue to climb. He noted that gold has gained approximately 15% since the beginning of this year. In contrast, Bitcoin has experienced a similar percentage decline.

Bitcoin Back to $10,000? Peak Leveraged Beta Risks, Rising Gold – #Gold is up about the same amount in 2025 to March 13 — about 15% — that #Bitcoin is down. But with Bitcoin at about $80,000, what stops those trajectories? About a 6% decline in the S&P 500 could suggest what… pic.twitter.com/aMgL0LANFt

— Mike McGlone (@mikemcglone11) March 14, 2025

The analyst also emphasized that a 6% drop in the S&P 500 could further contribute to the decline of Bitcoin. Additionally, he highlighted the history of the coin as an asset that emerged during a market downturn. He explained that Bitcoin was introduced in 2009 when the stock market was at a low point following the mortgage crisis. Since then, it has led one of the major rallies among risk assets.

Moreover, he highlighted the impact of the launch of spot Bitcoin ETFs and President Donald Trump’s favorable stance on cryptocurrencies. He argues that while they have positively impacted the price, they may not be enough to sustain the price. H warned that broader market trends might lead to a major price correction.

Analysts Contrast the Path of Bitcoin

Other analysts have pointed to a bearish trend but by a small margin. CryptoCove, a market analyst, has predicted that Bitcoin may drop to a range between $70,000 and $75,000. He has based the prediction on a falling wedge pattern observed in the price chart of Bitcoin.

after a huge dump $btc created a rising wadge we can call it a bear flag so that still I am bearish on $btc.

I think $btc will go again 70-75k level again

Follow me on x for more update pic.twitter.com/pRPSBU7jR8

— CryptoCove (@CryptoCove4) March 14, 2025

Bitcoin maximalist Joe Buchner has expressed concerns about the prediction made by McGlone, arguing that if Bitcoin were to plummet to $10,000, it would likely be due to a larger global crisis. He speculated that such a drop could be caused by geopolitical issues such as a global market disruption.

Despite the bearish momentum in the market, some analysts predict that the market downturn is over and the coin is on an upward trajectory. Tim Draper, a prominent venture capitalist, predicts that Bitcoin will surpass $250,000 soon. In a recent interview, he stated that Bitcoin will surpass fiat money as the global standard.

Tim Draper: #Bitcoin will rise infinitely against the dollar—$250K BTC is just the beginning.$BTC pic.twitter.com/5gjVStVKW6

— Cryptocurrency Prices Now (@crypto_cpn) March 15, 2025

Bitcoin Price Action and Technical Analysis

Bitcoin is trading at $84,230, reflecting a 1.37% increase over the past day. However, the coin has declined 2.47% over the past week and 12.18% over the past month. The market capitalization stands at $1.67 trillion, while the trading volume is down 13.37% to $24.19 billion.

Technical indicators on the 4-hour chart suggest a reversal in the price is imminent. A series of green candlesticks are forming, usually indicating a reversal from the continuous downtrend. The price recently rebounded from the $80,270 support level, which shows strong buying pressure at lower levels. If Bitcoin fails to break above $84,314, it may drop again. A move below $80,270 could signal a further downside.

Bitcoin must hold above $84,000 to sustain upward momentum. An increase in volume and positive economic factors could push it higher. However, a rejection at resistance could bring more selling pressure. The RSI is at 54.91, which shows a neutral momentum. A rise above the 60 mark could confirm the bullish strength. However, if it drops below the 50 mark, sellers may take control.