Bloomberg analyst: Bitcoin may fall to $10000, market needs to undergo a complete 'reset'

Odaily Planet Daily News: Bloomberg Senior Strategist Mike McGlone said in an interview that due to the continued global market sell-off and overvaluation, Bitcoin may fall sharply to $10000. He pointed out that there was a serious foam in crypto assets, including Doggie Coin, and the entire industry needed to be "purified" as when the Internet foam burst. McGlone warns that the current narrative of Bitcoin's "digital gold" is undergoing a stress test, and ETF investors are "learning painfully" that they are buying high volatility leveraged assets instead of gold. He believes that a market reset is inevitable, and investors should be prepared for long-term recovery rather than a rapid rebound. （Cointelegraph）