Bitcoin could plunge toward $10,000 for a reason worse than FTX’s fall, according to Bloomberg

Bloomberg’s economic analyst named the driver that could send BTC plunging to $10,000.

Bloomberg Intelligence economic analyst Mike McGlone shared a prediction on Twitter that FTX’s recent collapse may not be the worst prospect for crypto markets this year.

This Bitcoin, Crypto Slump May Trigger Macroeconomic Dominoes – The breakdown of #Bitcoin and #crypto assets may trigger capitulation sell stops in most markets that have been under pressure this year. pic.twitter.com/p2Uq5pSJye

– Mike McGlone (@mikemcglone11) November 9, 2022

This new factor is likely to be triggered by the fall of the Sam Bankman-Fried exchange. As a result, according to the tweet, bitcoin could revisit the $10,000 level.

Mike McGlone believes that bitcoin’s current drop below the $18,000 level and altcoin price drops may cause sell stops to capitulate in the majority of markets, which have been under pressure since the beginning of the year, causing macroeconomic dominoes to fall.

The great reversion of risk assets, says Mike McGlone in an article, became evident today with bitcoin’s plunge into the $17,600 area.

Mike McGlone warns that the FTX drop was a shock to the crypto market. However, if this macro domino fall takes place, the fall of the crypto is likely to be much harder. As a result, bitcoin may find the next support at the $10,000 level.