Bloomberg Strategist: Bitcoin is Headed to $10,000, Risk-Reward Structure Has Shifted

BlockBeats News, December 17th, Bloomberg Intelligence strategist Mike McGlone stated: "Bitcoin faces a retracement pressure, with the price expected to fall to near $10,000. Strategy founder Michael Saylor recently said at a Miami Economic Club event, 'We used money we couldn't afford to lose to buy Bitcoin'."

"I admire and respect Mr. Saylor; it was his arrival in 2020 (when the Bitcoin price was near $10,000) that drove a tenfold increase in the Bitcoin price. However, many of the things the market was expecting have already happened: the emergence of ETFs, U.S. leaders' acknowledgement of the benefits of Bitcoin, and broader mainstream acceptance. Today, the number of cryptocurrencies listed on CoinMarketCap has reached 28,000, compared to just one in 2009. With a series of positive developments materializing, the surge in the number of crypto assets and the full digestion of market expectations, the short-term risk-return structure has changed."