Ah, dear reader, let us delve into the murky waters of speculation, where the illustrious Mike McGlone, that senior commodity strategist from Bloomberg Intelligence, has cast a shadow upon our beloved Bitcoin. With a mere flick of his digital quill, he has proclaimed, in two tweets no less, that the flagship cryptocurrency may soon plummet to the abyss of $10,000. A fate most dire, indeed!
In a moment of profound reflection, McGlone draws a parallel to the Internet bubble of the early 2000s, a time when the Nasdaq soared to dizzying heights only to crash down with the grace of a lead balloon—an 80% decline that left many a soul in despair. How poetic, how tragically humorous! 😂
Will Bitcoin tumble back to $10,000? McGlone seems to think so!
Our sage of the markets predicts that Bitcoin, which once flirted with the $100,000 mark, may soon shed a zero, much like a snake shedding its skin—only to reveal a rather unappealing sight beneath. He notes, with a hint of glee, that gold, that ancient rival of Bitcoin, is currently basking in the glow of rising prices, a fact he has tweeted about with the enthusiasm of a child discovering candy. 🍬
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…
— Mike McGlone (@mikemcglone11) March 14, 2025
As the year 2025 unfolds, McGlone observes that while gold has ascended by approximately 15%, our dear Bitcoin, that digital gold, finds itself in a similar downward spiral, languishing in the $80,000 range. Gold, that glittering relic, has surged past $2,950 per ounce, fueled by geopolitical tensions and the whims of Donald Trump’s economic policies—oh, the irony! 😏
Our Bloomberg oracle also muses upon the recent monumental launch of Bitcoin ETFs, a spectacle that has captured the attention of the masses. Yet, he warns, the president’s newfound affection for Bitcoin and crypto is but a dance with volatility and speculation, reminiscent of a jester in a royal court. He likens the current climate to the dot-com bubble, a time when the Nasdaq index plummeted by 80%, leaving behind a trail of broken dreams and shattered hopes.
In a tweet that echoes through the corridors of financial discourse, McGlone reminds us that Bitcoin was birthed in the ashes of the 2009 stock market collapse, a phoenix rising from the mortgage crisis. Since then, it has led one of the most audacious rallies in the annals of risk assets, yet he warns, with a sardonic smile, that this bubble may soon meet its inevitable demise. How delightfully tragic! 🎭
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2025-03-14 17:20