Immersing in the chaos of the world markets, the main strategist of Bloomberg raw materials, Mike McGlone, warns more agitation could be on the way.
In an exclusive interview with Cointtelegraph, McGlone underlines the deepening of market sales, intensified by the ongoing pricing wars of the American president Donald Trump and provides for a strong correction of cryptographic assets. He predicts that Bitcoin could tumble at $ 10,000, citing excessive speculation and overvaluation in digital active space.
“Look at Dogecoin – He still has a market capitalization of $ 20 billion. It should go to zero. The entire space needs purge, just like the points bubble.”
According to McGlone, the current price of Bitcoin could face significant drop pressure in the context of broader resets of the market. Despite the relatively favorable regulatory environment, he warns that the story of Bitcoin’s “digital gold” faces a stress test.
“Whoever bought ETF learns the hard. They did not buy digital gold. They bought more than one value of leverage beta. It’s a fact. “
McGlone has also noted that strong -eyed traders can still find opportunities. However, investors must be prepared for a more extensive recovery process rather than a rapid “V-shaped” rebound like that seen after the COVVI-19 market crash.
The stock market, he argues, has become disproportionately compared to the American economy – and now a reset seems inevitable.
“At the time, the US stock market was approximately 1.5 for GDP. We reached around 2.2 years for GDP. The markets became too high.”
To better understand his analysis and learn more about his predictions, be sure to look at the complete interview with Cointelegraph.
