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Bloomberg’s McGlone Defends $10,000 Bitcoin Price Prediction
Bloomberg analyst Mike McGlone has reiterated his prediction of a massive mean reversion in the price of Bitcoin, which he believes will take it back down to around $10,000. This prediction is not without controversy, as some experts have expressed skepticism about such a significant drop.
In a recent statement, McGlone recalled how he had previously correctly predicted that Bitcoin would be able to add another zero by 2025, which has indeed come to pass with the cryptocurrency reaching an all-time high of $108,786. However, he believes that this price surge is unsustainable and will ultimately lead to a crash back down to a more reasonable level.
McGlone’s argument is based on his theory of mean reversion, which suggests that extreme deviations from historical norms are unlikely to be sustained in the long term. He points out that Bitcoin has had several significant crashes in the past, but has always bounced back and continued to rise. McGlone believes that this pattern will repeat itself, with a massive crash ultimately leading to a new period of growth.
McGlone’s prediction is not unique, as other experts have also expressed similar views about the impossibility of Bitcoin maintaining its current price level. However, his argument is based on a theory rather than emotional predictions or short-term market analysis.
In related news, fellow gold advocate Peter Schiff has also predicted that Bitcoin could collapse to $10,000, although he believes this drop will be even more severe, potentially amounting to as much as 90% loss in value.
Source: https://u.today/bloombergs-mcglone-defends-10000-bitcoin-price-prediction
