Bitcoin Price May Plummet to $10K if S&P 500 Drops 20% Warns Bloomberg Strategist

Mike McGlone, senior commodity strategist at Bloomberg Intelligence, has warned that Bitcoin's price might fall significantly to $10,000 if the S&P 500 index drops by 20%. He cited the resistance at $80,000 for Bitcoin, expected Federal Reserve interest rate hikes, and the overvaluation of stocks as key factors that could trigger this decline.

McGlone described Bitcoin as highly volatile and closely correlated with the stock market, making it vulnerable to a broad market downturn. This suggests Bitcoin could act as a leading indicator for risk assets, signaling potential wider market weakness ahead.