During a recent interview, Mike McGlone, a Senior Commodity Strategist at Bloomberg Intelligence, the research division of the Bloomberg Terminal, gave his opinion on the crypto market.

Two days ago, McGlone, in an interview with Daniela Cambone, Editor-at-Large and Anchor at Stansberry Research, a company that provides financial data and software through subscriptions, made some remarks.

In a November 26th, 2022 interview, McGlone made a forecast as to how low Bitcoin could drop in the short to medium term. According to the report, McGlone shared his thoughts on Bitcoin in an interview with Cassandra Leah, the host of YouTube series “The Deep Dive”, saying:

Bitcoin broke down hard for a good reason. I think it has further downside… First of all let’s start off optimistically. In the big picture, I still see the base case for Bitcoin as a nascent asset/technology. It’s going to advance over time. But in the meantime, we’re in that pain stage that’s compared to the Internet stocks around 2000, 2002... It might reach a very good floor around $10,000 to $12,000 there. That’s very solid support. And then eventually at some point, it is going to come out ahead and resume that upward trajectory.