Bloomberg strategist says the crypto bear market may be in the early stages; Bitcoin could fall back to $10k

ME News Report, April 13 (UTC+8), Bloomberg senior commodities strategist Mike McGlone stated that the crypto bear market may be in its early stages, and if market risks decline, Bitcoin could fall back to $10k. Since Bitcoin ETF trading began in January 2024, the iShares Bitcoin Trust ETF and the SPDR S&P 500 ETF Trust have had nearly identical total returns, but the former’s volatility is about four times that of the latter, with a 200-day correlation close to 0.5. In the absence of higher returns, high volatility and correlation generally are unfavorable for asset allocation. Since Bitcoin’s inception in 2009, the number of crypto assets has reached millions, most lacking substantial backing but still valued at billions of dollars. (Source: MLion)