Bloomberg Intelligence Strategist Says Bitcoin Could Fall to $10,000 if US Stocks Drop
JH Kim
Summary
- A Bloomberg Intelligence strategist said Bitcoin could fall to around $10,000 if the U.S. stock market plunges.
- McGlone said Bitcoin could drop to near $10,000 if the U.S. stock market falls 20%.
- Still, the $10,000 forecast is conditional on a scenario in which the U.S. stock market declines 20%.
Forecast Trend Report by Period
Bitcoin could fall to around $10,000 if a sharp decline in the US stock market coincides with further weakness, according to Bloomberg Intelligence.
On October 16, Bloomberg Intelligence strategist Mike McGlone warned that Bitcoin could drop to near $10,000 if the US stock market falls 20%.
McGlone tied the prospect of deeper losses in US equities to the risk of further declines in Bitcoin.
Still, the $10,000 forecast is conditional on a scenario in which the US stock market declines 20%.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.