Bitcoin traded near $75,963 on Saturday, up 0.5% in 24 hours and down 1.6% over the week, while market commentators argued over what a falling Nasdaq could mean for the largest cryptocurrency.
Bloomberg’s Mike McGlone says the call he made in the first quarter of 2025, when Bitcoin was above $100,000, remains his base case. It holds that Bitcoin loses a zero, falling toward $10,000, if the S&P 500 drops 20% and stays lower for a while.
He also said Bitcoin’s failure to hold $80,000 and copper’s slide below support near $6.40 a pound after the US midterms could point to selling that cascades into year-end.
He shared a remark saying the index had entered correction territory, more than 10% below its recent high, while Bitcoin still sat $17,000 to $18,000 above its low.
(adsbygoogle = window.adsbygoogle || []).push({});Far less capital changed hands between $70,000 and $75,000, Darkfost said. If $75,000 gives way, the area around $70,000 could be the next support level.
