Bloomberg Analyst Warns Bitcoin Could Plummet 88% Amid Global Market Turmoil

Bloomberg Analyst Mike McGlone Issues Bitcoin Alert, Says BTC Could Crash 88% as Stocks Plummet

In a shocking warning, Bloomberg Intelligence senior commodity strategist Mike McGlone has issued a dire alert about the potential fate of Bitcoin (BTC). According to McGlone, the largest cryptocurrency by market capitalization could plummet by a staggering 88% if stocks continue to fall.

In a recent interview with Bloomberg, McGlone explained that his warning is based on the correlation between stocks and Bitcoin. "The correlation between stocks and Bitcoin has never been stronger," he said. "If the S&P 500 index falls by 40%, Bitcoin could fall by 88%."

McGlone's warning comes as global stock markets experience a significant downturn. The S&P 500 has fallen by over 10% in the past month, sparking concerns about a potential market crash.

The analyst's warning is not without precedent. In 2020, McGlone predicted that Bitcoin would reach $50,000 by the end of 2021, only to see the cryptocurrency fall by over 70% in the following months.

McGlone's latest warning has sent shockwaves through the cryptocurrency community, with many investors left wondering if the analyst's dire predictions will come to pass. As the cryptocurrency market continues to experience significant volatility, investors are left to wonder what the future holds for Bitcoin and the broader market.

In the meantime, McGlone's warning serves as a stark reminder of the risks and uncertainties that come with investing in cryptocurrencies. As the market continues to fluctuate, investors are advised to exercise caution and do their due diligence before making any investment decisions.