Diving into the chaos of global markets, Bloomberg Senior Commodity Strategist Mike McGlone has warned more chaos may be on the way.
In an exclusive interview with Cointelegraph, McGlone points out the deepening of market sellers, the ongoing tariff wars of President Donald Trump intensified, and estimates a sharp correction of crypto assets. He predicted that Bitcoin could have fallen to $ 10,000, citing excessive speculation and excessive analysis within the digital asset space.
“Look at the Dogecoin-there’s still a $ 20 billion market cap. It should go to zero. The whole space requires cleaning, as did the DOT-Com Bubble.”
According to McGlone, the current price of Bitcoin may face significant downward pressure as part of the broader market reset. Despite the relatively supportive of the regulatory environment, he warns that bitcoin’s “digital gold” faces a stress test.
“Anyone who buys ETFs learns a hard way. They don’t buy digital gold. They buy more amounts of leveraged beta. That’s a fact.”
McGlone also noted that sharp entrepreneurs can still find pockets of opportunities. However, investors should be prepared for a more extended recovery process instead of a fast “V-shaped” rebound as seen after the CovID-19 market crash.
The stock market, he argued, grew without proportional to the big relative -child in the US economy -and now, a reset appears to appear inevitable.
“Back then, the US stock market is around 1.5 to GDP. We have popped up to 2.2 or more of GDP. The markets are high.”
To get a deeper perspective on his review and hear more of his predictions, Be sure to watch Cointelegraph’s entire interview.
