Bitcoin will collapse to $10,000 if buyers fail to break and hold the $75,000 level, according to Mike McGlone, senior commodities strategist at Bloomberg Intelligence.

The $75,000 level has repeatedly marked market trends over the past 12 months. McGlone justifies the $10,000 target by citing historical market structure: before the Covid-19 pandemic, the price consolidated there for a long time, and the subsequent record influx of liquidity became one of the main drivers of the digital gold's growth.