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Sep 5, 2025
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Crypto Analyst Predicts Bitcoin Price Could Drop Over 90%

The Bitcoin price has reached historic highs in 2023, but concerns arise regarding its sustainability. Analyst Mike McGlone from Bloomberg Intelligence warns of a potential crash, predicting BTC could drop over 90%, possibly returning to $10,000.

Key Points

  • McGlone cites the December 6 surge to $100,000 as a sign of an overheated market.
  • Since that date, gold has risen 30%, while BTC gained only 8%.
  • The correlation between Bitcoin and the S&P 500 stands at 0.6, indicating BTC is acting more like a risk asset.
  • Volatility signals are shifting; the Volatility Index (VIX) hit a low while Bitcoin peaked, suggesting changing market sentiment.
  • McGlone believes conditions for Bitcoin reaching $1 million are not present due to the crowded long positions above $100,000, making retracement more likely.

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