Bitcoin Apocalypse Imminent?! 😱

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Ah, Mike McGlone, a senior strategist at Bloomberg, a man of numbers and, dare I say, a touch of pessimism, has once again taken up his pen—or rather, his keyboard—to defend his grim prophecy regarding Bitcoin. He speaks of a potential descent to a mere $10,000, a “simple reversion,” as if the digital currency were a prodigal son returning to the humble abode of its origins. One almost feels a sense of pity, or perhaps amusement, at such a stark outlook. 🤔

What’s not profound about $10,000 #Bitcoin? It’s simple reversion potential of a highly speculative and volatile risk asset with millions of #cryptocurrency dependents, that piggy-backed on the US #stockmarket’s record setting run. #Gold has three #preciousmetals dependents.…

— Mike McGlone (@mikemcglone11) April 10, 2025

According to McGlone, this Bitcoin, this digital marvel, has merely “piggybacked” on the triumphant parade of the US stock market. It is as if a small, ambitious child has hitched a ride on the shoulders of a giant, only to risk a fall when the giant stumbles. 🚶‍♂️

As the esteemed U.Today has reported, McGlone has, with unwavering conviction, predicted that Bitcoin might shed a zero from its value, a prospect that has undoubtedly stirred the passions of its many adherents. One can almost hear the cries of indignation and the gnashing of teeth. 😠

Recently, in a conversation with Barnett Energy, McGlone declared that he does not regard Bitcoin as a safe haven, despite the fervent assertions of crypto enthusiasts. It seems the digital currency has failed to provide the refuge many had hoped for, leaving them exposed to the harsh winds of market volatility.

“It trades three times the volatility of gold and the S&P 500. People are learning that the hard way,” McGlone said. One can imagine the sighs of regret from those who have learned this lesson in the crucible of experience. 😩

McGlone recalls his past triumph, his accurate prediction that Bitcoin would indeed add another zero by 2025. The cryptocurrency reached its zenith at $108,786. A moment of glory, perhaps, now overshadowed by the specter of decline.

“Now, I am calling for a simple mean reversion back to $10,000,” McGlone said, as if delivering a verdict from on high. One wonders if he feels a touch of satisfaction in his foresight, or perhaps a sense of melancholy at the impending doom. ⚖️

This, he suggests, would be a classic example of a grand ETF launch marking the pinnacle of price. A cautionary tale, indeed, of hubris and market cycles. 📉

Gold is beating everything

Yet, in a twist of fate, McGlone also foresees that Bitcoin will be unable to substantially outperform this year. A paradox, perhaps, or merely the unpredictable nature of the market at play.

“When you see gold beating everything and continue to beat everything, that’s the warning flag,” he said. A warning, perhaps, to those who have placed their faith solely in the digital realm, neglecting the enduring allure of precious metals. 🚩

Earlier today, spot gold ascended to yet another all-time high of $3,171. A testament to its enduring value, or simply a reflection of the anxieties of the times?

As U.Today has also reported, Peter Schiff, a staunch advocate for gold, has echoed McGlone’s sentiments, predicting that Bitcoin could plummet to the $10,000 mark. A chorus of bearish voices, united in their skepticism of the digital currency. 🐻

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2025-04-10 18:57