Bloomberg Strategist: Bitcoin Is Heading Toward $10,000, Risk-Reward Structure Has Changed

BlockBeats news, December 17, Bloomberg Intelligence strategist Mike McGlone stated: "Bitcoin is facing pressure to revert, and its price is expected to fall back to around $10,000. Strategy founder Michael Saylor recently said at an event at the Miami Economic Club, 'We are buying bitcoin with money we can't afford to lose.'"

"I admire and respect Mr. Saylor. It was his arrival in 2020 (when bitcoin was trading near $10,000) that drove bitcoin's price up tenfold. But many of the things the market was expecting have already happened: the launch of ETFs, recognition of bitcoin's benefits by U.S. leaders, and broader mainstream acceptance. Now, the number of cryptocurrencies listed on CoinMarketCap has reached 28 million, compared to just one in 2009. After a series of positive developments and a surge in the number of crypto assets, market expectations have been fully digested, and the short-term risk-reward structure has changed."