McGlone, who maintains a pessimistic view, particularly regarding Bitcoin, stated that he has not retracted his past prediction that Bitcoin’s price could drop to $10,000, losing a zero from its value. The analyst argued that a 20% correction in the US stock market could further increase selling pressure on Bitcoin.
McGlone also argued that Bitcoin is no longer a safe haven that moves independently from the stock market, but maintains a strong link to high-risk assets. According to the analyst, investors may find it more advantageous to turn to US government bonds instead of highly volatile assets in the current environment.
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Analyst: “The $60,000 Scenario for Bitcoin is Also on the Table”
In contrast, other analysts on the show argued that Bitcoin’s current performance doesn’t necessarily signal a major crash.
Dave stated that Bitcoin has shown significant resilience despite the volatility it has experienced in recent months, and that institutional adoption and fundamental network indicators will be decisive in the long-term future of the cryptocurrency.
The analyst, noting the increase in the Bitcoin network’s hash rate, acknowledged that $BTC could fall back to the $60,000 level in a potential global market crash, but argued that this does not mean Bitcoin’s long-term upside potential has disappeared.
Analysts also warned that a potential slowdown in AI investments, liquidity problems in credit markets, and the upcoming US midterm elections could increase market volatility in the coming period.
One key point on which experts agreed was that the Federal Reserve’s actions would be decisive. While some participants argued that continued interest rate hikes could put pressure on Bitcoin and gold, others believed that the economic slowdown could lead the Fed to resume interest rate cuts.
*This is not investment advice.
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