Bloomberg analyst sounds alarm: If US stocks retrace 20%, Bitcoin may head toward $10,000 support level.

BlockBeats news, October 17 - Mike McGlone, Senior Commodity Strategist at Bloomberg, stated yesterday that if US stocks retrace 20%, Bitcoin could head towards the $10,000 support level. "Since 2009, the first-born cryptocurrency (BTC) has led the way for risk assets to rise, but Bitcoin breaking through the $100,000 peak in 2025, gold rising above $5,000 in the first quarter, and most central banks turning cautious accompanied by soaring government bond yields may signal the endgame."

In response, crypto analyst Darkfost rebutted, saying that even if US stocks experience a 20% level retracement, historically there has never been a situation corresponding to BTC falling about 92% from its high; therefore, he considers this price target "highly unlikely."