Odaily News Mike McGlone, senior strategist at Bloomberg, said in an interview that Bitcoin may fall sharply to $10,000 due to the continued sell-off in the global market and overvaluation. 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 the hard way" that what they bought is not gold, but highly volatile leveraged assets. He believes that a market reset is inevitable and investors should be prepared for a long-term repair rather than a quick rebound. (Cointelegraph)