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

PANews 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 a traditional market-independent hedging tool, and the current market needs to undergo a clearing process from excessive speculation.

Several analysts refuted this claim. The CEO of Quantum Economics stated that Bitcoin would need extreme events such as a global liquidity crisis, nuclear war, and internet shutdowns to reach $10,000. AdLunam analysts believe that a drop to $28,000 might require a global liquidity crunch or broader financial stress. A senior market analyst at PrimeXBT predicts Bitcoin will consolidate in the $60,000 to $70,000 range, with the next major accumulation zone likely between $30,000 and $40,000, but a $10,000 target is extremely unlikely. Some analysts point out that Bitcoin completed its major bear market correction in 2022, and the current price has retraced about 50% from its historical high, potentially indicating a bottom has been reached.