Bitcoin’s latest slide has prompted a stark warning from Bloomberg Intelligence Senior Commodity Strategist Mike McGlone, who argues that a move to $10,000 would represent a normal reversion if peak beta has already occurred.
McGlone notes that, before the pandemic and through most of 2020, Bitcoin hovered near that threshold, with data showing roughly $10,000 as the most traded price since 2019. The analyst contends that the key variable is equity performance. If the S&P 500 has peaked, highly speculative assets such as Bitcoin could face broad pressure, particularly as beta appears to be rolling over from the 7,000 resistance level.
McGlone also points to an expanding universe of competing tokens and the outsized catalyst of President Donald Trump’s 2024 election as factors skewing risk toward mean reversion.
Meanwhile, CoinMarketCap data reveals an increase in volatility. Bitcoin rose 3.5% to $65,442, its lowest level since February 5. Open interest has dropped to $19.5 billion, down from the 2026 peak of $38.3 billion on January 14, reflecting widespread long liquidations. More than $210 million in leveraged longs were forced to close, amplifying downside momentum.
Bitcoin is trading at $65,421.99 at press time, up 3.54% in 24 hours, and moving in step with a 2.16% decline in total crypto market capitalization. U.S. spot Bitcoin ETF assets under management continue to bleed, down over $400 million since losing that amount just 10 days ago, due to institutional outflows.
Technically, Bitcoin is still below major moving averages, with the 50% Fibonacci retracement near $75,300 serving as key resistance.
Meanwhile, the market is going through Extreme Fear at 14. Failure to reclaim the $66,750 to $67,050 zone raises the likelihood of a retest near $64,350, while stabilization in ETF flows could prove decisive.
Source: https://zycrypto.com/bitcoin-faces-potential-10000-mean-reversion-says-bloombergs-mcglone-amid-extreme-fear/
