McGlone Says a 20% S&P 500 Drop Could Push Bitcoin Toward $10,000

Bitcoin (BTC) could move toward $10,000 if the S&P 500 falls about 20% and the decline persists, Mike McGlone said. McGlone described the condition as “about a 20% drawdown in the SPX that persists for a while.” He said sustained Bitcoin strength independent of equities would challenge the scenario. Over the past five years, Bitcoin’s performance roughly matched the S&P 500, McGlone said, while its volatility was nearly three times as high. He also said Bitcoin helped lead risk assets higher and may now be leading them lower. The market condition adds a trigger to McGlone’s earlier $10,000 downside view .

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