Bitcoin (BTC) fallen to sub-$70,000 price levels once again after unsuccessfully testing the $72,000 level earlier this week. CoinCodex data highlights that BTC’s price has slid by 0.8% in the last 24 hours, 4.3% in the last week, and 0.1% over the previous month. The original crypto has fallen victim to bearish forces amid global geopolitical tensions and macro uncertainties. One Bloomberg strategist anticipates Bitcoin’s (BTC) price to dip to the $10000 mark. Let’s discuss if it really could.
Can Bitcoin (BTC) Fall To $10000?
In a recent interview with YouTuber EllioTrades, Bloomberg analyst Mike McGlone reiterated his previous prediction of Bitcoin (BTC) falling to the $10k price level. McGlone believes the crypto market remains in a prolonged macro-driven reversal. The analyst says that the bear market may not be over yet, and warns that Bitcoin (BTC) could see a price dip if risk-assets reprices sharply.
However, other analysts do not share McGlone’s outlook. Some believe it would take an extreme global liquidity crisis to pull Bitcoin (BTC) down to $10000. While BTC fell to the $15,000 price level during the 2022 market crash, one should note that back then the market was reeling the effects of the FTX collapse. This time around, the market is down due to macroeconomic uncertainties, geopolitical tensions, and a liquidity crunch.
Also Read: Bitcoin Hitting $1 Million Is “Too Conservative”: Bitwise CIO
Analyst Arthur Hayes also recently said that it is unclear when Bitcoin (BTC) will hit its bottom. The popular crypto personality noted that Bitcoin (BTC) could dip below the $60,000 price level, but may pick up steam if the Federal Reserve begins printing more money to sustain its war efforts in the Middle East.
Bitcoin (BTC) currently has some support at the $61,000-$62,000 price level, and faces resistance at the $72,000-$73,000 price range.