Bitcoin’s price has retreated below $70,000 following a failed test of the $72,000 level. According to price tracking data, BTC is down 0.8% over 24 hours and 4.3% over the past week amid global geopolitical tensions and macroeconomic uncertainty. Bloomberg analyst Mike McGlone has reiterated a prediction that Bitcoin could fall to $10,000, citing a prolonged macro-driven reversal. Other analysts argue such a drop would require an extreme liquidity crisis, noting current support around $61,000-$62,000.
Bitcoin’s price has fallen to sub-$70,000 levels after failing to break the $72,000 resistance earlier this week. Data from CoinGecko shows a 0.8% decline in the last day and a 4.3% drop over the past week.
Bloomberg strategist Mike McGlone recently reiterated his forecast of Bitcoin falling to the $10,000 price level. McGlone believes the crypto market remains in a prolonged macro-driven reversal and warns of a sharp repricing of risk assets.
However, other analysts do not share this outlook, suggesting an extreme global liquidity crisis would be needed for Bitcoin to reach $10,000. They contrast the current macroeconomic and geopolitical pressures with the 2022 crash driven by the FTX collapse.
Analyst Arthur Hayes has stated it is unclear when Bitcoin will find its market bottom. Hayes noted Bitcoin could drop below $60,000 but may recover if the Federal Reserve increases money printing.
Bitcoin currently finds support around the $61,000-$62,000 price level. The asset faces significant resistance in the $72,000-$73,000 range.
