I noticed that Mike McGlone from Bloomberg continues to insist on a rather heavy thesis: Bitcoin could crash down to $10,000. Today, the price is still around $72,800, but according to him, everything depends on whether we can hold $75,000 as a key support.

His logic is interesting. He says that before the large influx of liquidity in 2020-21, Bitcoin was oscillating right around $10,000. Now that that liquidity is withdrawing, it could return there. Additionally, $10,000 represents the most traded zone since 2017 when CME futures started — so it’s not just a round number, but a level with huge historical volume behind it.

What strikes me is the level of invalidation he outlines: if Bitcoin reclaims and decisively maintains $75,000, his bearish thesis collapses. But if it fails to do so, the crypto crash could accelerate downward. McGlone also adds that the explosion of alternative tokens is draining capital from Bitcoin — a structural headwind in his view.

In short, the market today seems balanced on this $75,000 level. We’ll see if it holds.