Bloomberg Intelligence senior strategist Mike McGlone warned that Bitcoin could collapse to $10,000 if customers fail to break through to the $75,000 level. This mark over the past year has determined the trend change. Bitcoin is now trading around $68,900.

McGlone is not the first to make this forecast. Before the pandemic, Bitcoin had long consolidated at just $10,000, with a record-high liquidity inflow in 2020-2021 being the main driver of growth. Now, in his view, millions of new tokens are diverting capital away from the flagship, and steelstones have been the most sustainable trend. He believes that Tether could surpass Ethereum this year.

In the last 24 hours, Bitcoin has grown by more than 3%, and crypto’s capitalization has reached $2.4 trillion. The liquidation volume exceeded $241 million, mainly due to short positions.

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The material is prepared solely for informational purposes and does not constitute a financial advice or recommendation.