Bloomberg's Mike McGlone has predicted that the price of Bitcoin, the leading cryptocurrency, could collapse to zero.
"In 2018, I pointed out, when Bitcoin was about 10,000, it was going to drop a zero. I was 70% right, 30% wrong because it went down to 3,000. I'm saying the same thing now. I think it can go back to 10,000. I mean, that includes everything. Going lower, unfortunately, means the stock market. That's just normal," McGlone said.
McGlone argues that "it's classic peak bull market stuff I remember seeing in 1999."
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Trickling down into stock market
The chief commodity strategist at Bloomberg Intelligence is convinced that Bitcoin's plunge will trickle down into the stock market. The analyst expects volatility to pick up in the near future.
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"You look at the VIX 200-day moving average… It's averaging about 19.5, and a key fact is 120-day realized volatility in the S&P 500 is around 10%. If we end the year there, not only is it half the VIX, but it'll be the lowest since 2017. So, I'm expecting this Bitcoin plunge to trickle down into the stock market, volatility to pick up, maybe just get to its average around 16%," he said.
$90,000 support will break down
According to McGlone, the key support right now is around $90,000. The cryptocurrency is currently stuck between $90,000 and $100,000, and McGlone is convinced that it will eventually break down and head toward $50,000.
"The 200-day moving average has rolled over. MicroStrategy’s 200-day moving average rolled over in August, and so maybe we'll get a little bounce, maybe get to 100,000, but I think it's all about responsive sellers," McGlone said.
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