Bloomberg strategists reiterate that Bitcoin could fall to $10,000, while industry insiders counter that unless extreme events such as nuclear war occur.

CoinFeed reported on March 12th, citing CoinDesk, that Mike McGlone, senior commodity strategist at Bloomberg Intelligence, reiterated his bearish view that Bitcoin could fall below $10,000, believing the crypto market is still in a long-term macro-driven correction. McGlone pointed out that as institutional participation increases, Bitcoin's correlation with speculative assets strengthens, weakening its function as an uncorrelated hedging tool in traditional markets. He believes the market needs a clearing process from excessive speculation. Several analysts refuted this view. The CEO of Quantum Economics stated that Bitcoin reaching $10,000 would require extreme events such as a global liquidity crisis, nuclear war, and an internet shutdown. AdLunam analysts believe a drop to $28,000 might require a global liquidity crunch or broader financial stress events.