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Bitcoin could fall to around $10,000 if U.S. stocks slump 20%, Bloomberg senior analyst Mike McGlone said in a recent report.
McGlone said BTC had led gains in risk assets since 2009, but Bitcoin’s move above $100,000 last year, gold’s break above $5,000 in the first quarter of this year, major central banks’ tightening stance, and a sharp rise in government bond yields may suggest the market’s upswing is nearing its end. He added that the U.S. five-year Treasury yield stood at about 4.90% as of Oct. 15, and if it finishes the year above 4.98%, it would mark the highest level since 1999. Risk-free returns at their highest level in about 30 years could weigh on volatile non-yielding assets such as BTC and gold, he said. McGlone also said BTC’s 50-week moving average is showing a downward pattern similar to that seen in 2022-2023, while gold also faces a risk of trend reversal amid rising Treasury yields.