Bitcoin on Track for $10,000 if S&P 500 Drops 20%, Bloomberg Strategist Insists

Bitcoin risks wiping out the results of many years of growth entirely and returning to fundamental support at the $10,000 level. The largest digital asset, which has served as the main indicator of risk appetite since 2009 , is showing signs of a global trend reversal. The key trigger for this scenario would be a large-scale decline in the US stock market. According to Mike McGlone , Bloomberg Intelligence's leading macro strategist, a 20% drop in the S&P 500 would set off a cascade effect that would return the cryptocurrency to its historical mean. "I see Bitcoin on track toward support around $10,000, notably if the US stock market has a 20% drawdown," the analyst states directly in his latest report.

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