Bitcoin to $10,000?

Bitcoin has just wrapped up its weakest month since 2022, losing nearly a quarter of its value in November. It’s the steepest monthly drop since the last major crash. According to Bloomberg analyst Mike McGlone, the current downturn isn’t limited to cryptocurrencies—it reflects deeper issues spreading across global financial markets.

He points out that in years when the S&P 500 finished in the red, the correlation between Bitcoin and gold weakened significantly, and a similar pattern appears to be forming now. Technical indicators are also flashing warning signs: Bitcoin recorded lower lows for eleven sessions in a row, while the RSI shows heavy overselling.

McGlone believes a short-term bounce is possible, but is unlikely to reverse the broader downward trend. The key support area remains around $70,000. He also reiterates an earlier assessment that in an extreme scenario—marked by severe liquidity outflows and a sharp collapse in risk assets—Bitcoin could potentially fall toward $10,000. However, he stresses that this is a worst-case outlook.

The altcoin market is also deep in the red. Ethereum, XRP, and other major tokens are seeing heavy losses. McGlone suggests the ongoing sell-off might be the first stage of a broader retreat from risk assets. He warns that if liquidity pressure spills over into the stock market, the end of the year could be particularly challenging for the entire financial ecosystem.