Bitcoin’s latest correction could signal mounting recession risks in the United States, according to Bloomberg Intelligence senior strategist Mike McGlone, who raised the prospect of a slide to $10,000 in an extreme downturn scenario.
The strategist said the flagship cryptocurrency’s decline comes amid growing doubts about the resilience of the US economy, arguing that the move reflects broader financial market strains rather than isolated crypto volatility.
“The bitcoin drop could signal broader problems in markets and a recession in the United States,”
Said Bloomberg Intelligence senior strategist, Mike McGlone.
McGlone said bitcoin now behaves more like a risk asset embedded within traditional market dynamics, making it increasingly vulnerable to macroeconomic cycles and a potential decompression in elevated asset valuations.
He added that in a confirmed recession context the cryptocurrency could “fall to 10,000 dollars”, warning that high US equity valuations could amplify pressure on speculative assets.
The analysis underscores bitcoin’s growing correlation with global capital flows as institutional adoption deepens, reducing its historical tendency to trade independently of mainstream financial markets.
Investors are now watching upcoming US economic data and stock market performance to determine whether the recent decline reflects a routine volatility cycle or an early warning of a broader macroeconomic reversal.
At the time of reporting, Bitcoin price was $68,578.89.