Key Takeaways:

• Bitcoin faces bear signals as Bloomberg’s strategist flags high correlation with equities.
• Forecast sees BTC dropping toward $10K as liquidity conditions tighten further.
• Crypto markets risk a broader bust as McGlone cautions excess supply pressures valuations.

Bitcoin Slides Into Bear Territory as Strategist Highlights Crypto Bust Dynamics

Elevated volatility and rising correlation with equities are undermining bitcoin’s diversification appeal, signaling mounting pressure across crypto markets. Bloomberg Intelligence senior commodity strategist Mike McGlone analyzed these trends on April 12, focusing on Blackrock’s Ishares Bitcoin Trust ETF (IBIT) and its performance since launch. The findings suggest…