Mike McGlone says the crypto bear market is in its early stages and expects Bitcoin to fall back to $10k

WuSaidBlockchainW · 2026-04-13T01:04:05+00:00

Bloomberg strategist Mike McGlone stated that the crypto bear market may be in its early stages, warning that Bitcoin could fall back to $10k. He mentioned that Bitcoin ETFs perform similarly to S&P 500 ETFs but are more volatile and lack substantial support, affecting asset allocation.

WuSaidBlockchainW

2026-04-13 01:04:05

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Wu Shuo learned that Bloomberg senior commodities strategist Mike McGlone tweeted that the crypto bear market may be in its early stages, and stated that if β (market risk) declines, Bitcoin could fall back to $10k; he disclosed that since Bitcoin ETF began trading in January 2024, the iShares Bitcoin Trust ETF (IBIT) has had a total return roughly equal to the SPDR S&P 500 ETF Trust (SPY), but the former’s volatility is about four times that of the latter, with a 200-day correlation close to 0.5. In the absence of higher returns, high volatility and correlation are generally unfavorable for asset allocation; he also pointed out that since Bitcoin’s inception in 2009, the number of crypto assets has reached millions, most lacking substantial backing but still valued at billions of dollars.

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