Bitcoin Could Crash 91% to $10,000, Warns Former Bull McGlone
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While Bitcoin soared to record highs in recent weeks, storm clouds are gathering on the digital horizon. The cryptocurrency market's poster child has begun showing signs of weakness, dropping below the $80,000 mark in what analysts are calling a “normal correction.” But some experts see darker days ahead.
Mike McGlone, once a Bitcoin bull, has turned bearish with a shocking prediction. His warning? Bitcoin could plummet a staggering 91% to $10,000. Yeah, you read that right. Ten grand. The kind of drop that turns lambos into bus passes overnight.
Technical indicators aren't looking great either. Cryptocurrency analyst RLinda points to a potential crash to $73,000 following what she calls a “false resistance breakdown” after Bitcoin hit $91,000. Meanwhile, Michaël van de Poppe suggests Bitcoin might retest previous lows, forming a double-bottom pattern around $76,000-$78,000.
The market's getting nervous. Trump's recent comments sent ripples through crypto circles, adding volatility to an already shaky landscape. And that much-hyped crypto summit? Total dud. Didn't boost prices one bit.
It's not all doom and gloom, though. Some forecasts still see upside potential, with April 2025 predictions ranging from $84,000 to $126,000. By May, analysts expect Bitcoin to hover around $108,000 before potentially dropping to $94,000 in June and $90,000 in July. The Fear & Greed Index at 66 indicates significant market greed despite the bearish warnings. The road's bumpy, folks.
CrediBULL Crypto has identified key zones to watch: a supply zone between $94,000-$99,000 and a demand zone lurking below $74,000. Break those, and things could get interesting. Or terrifying, depending on your portfolio.
J.P. Morgan adds to the pessimism, noting significant challenges for crypto in 2025 despite long-term tailwinds. Classic Wall Street – always hedging their bets.
Bitcoin's been compared to traditional assets post-Q4 rally, suggesting similar correction patterns might emerge. Recent data shows peak realized losses have significantly decreased compared to previous corrections, with the latest pullback recording only $377 million in losses. History repeats itself, especially in markets where emotions run high and logic takes a backseat. The question isn't if Bitcoin will correct – it's how far it'll fall when it does.
