Bitcoin could slide to the $10,000 support level if the U.S. stock market falls 20 percent, a forecast said. Mike McGlone, chief macro strategist at Bloomberg Intelligence, said such a move could see bitcoin give back most of its gains from recent years and return to a key support zone. He also pointed to weakening technical indicators and said a shift toward tighter monetary policy is drawing money into defensive assets.

A warning has emerged that bitcoin in the $60,000 range is unlikely to be the final bottom of this cycle. Bloomberg Intelligence chief macro strategist Mike McGlone said the current stability is unlikely to harden into a true low. He cited a lack of liquidity in crypto markets and expanding alternatives as U.S. Treasury yields top 5 percent. McGlone also compared bitcoin to WTI’s 2008 path and pointed to $10,000 as a potential real bottom.