I just saw that Mike McGlone, Bloomberg's strategist, continues to insist on his bearish forecast for Bitcoin. He says that if crypto prices fail to recover and hold above $75,000, then BTC could drop as low as $10,000. Right now, it's around $73.14K, so there's still room.

The thesis is interesting: McGlone argues that $10,000 was the most traded zone since 2017, when CME futures started. Before all that massive liquidity that arrived in 2020-21, Bitcoin was stuck around there. Now that that era of easy money is over, it could return to that historical balance.

What catches my attention is that $75,000 is his line in the sand. If Bitcoin manages to break above that level and stay above it sustainably, the bearish thesis collapses. That price has been a significant breakout point over the past 12 months. If it doesn't hold, McGlone sees the path of least resistance toward lower prices.

He also mentions that there's too much competition in the crypto space now. Thousands of tokens competing for capital, stablecoins gaining ground. For him, that's a structural headwind for Bitcoin in the long term.