As Bloomberg’s analyst has pointed out again, the possibility that Bitcoin could plunge to the $10,000 level has not been ruled out. Given the current situation in which the price is hovering around $73,600, the basis for his argument is becoming clearer.

The key is the $75,000 level. This price range has repeatedly been an important turning point over the past 12 months. The pullback in spring 2025 also lost momentum here, and the rally at the beginning of last year was halted by this wall. From the perspective of Fibonacci retracement, $75,000 is a technical resistance zone that cannot be ignored. If it cannot decisively break above this level, the likelihood of the bearish scenario materializing increases.

Behind the analyst’s focus on the $10,000 mark is a fundamental change in market structure. After the COVID shock in 2020, Bitcoin rose sharply from $10,000 thanks to large-scale liquidity easing. However, that era of liquidity is now nearing its end. As a major concentration point for past trading volume, $10,000 is not just a psychological level—it is a statistically meaningful price range.

Further worth noting is the diversification of the entire cryptoasset market. Unlike 2017, when Bitcoin monopolized the industry, today millions of tokens are siphoning capital away from Bitcoin. This structural headwind could also become pressure toward the $10,000 direction.

Looking at the current situation at $73,600, whether the recovery to $75,000 succeeds or fails may end up making a big difference in how events unfold next.