Bloomberg Analyst Mike McGlone issued a serious warning about Bitcoin (BTC)! "Don't expect a quick recovery, the price could drop to these levels!"

The leading cryptocurrency Bitcoin (BTC), has fallen to below 75 thousand dollars with a drop of about 30% from its 109 thousand dollar ATH. However, it then saw a slight recovery and rose to the level of 79 thousand dollars.

As Bitcoin continues to experience sharp declines, investors remain anxious, while Bloomberg analyst Mike McGlone has warned investors.

Mike McGlone stated that a market reset is inevitable in global markets and claimed that as part of this broad reset, Bitcoin could drop to as low as 10 thousand dollars.

A Bloomberg analyst warned investors in a recent interview that severe get dumped would continue and stated that Bitcoin's digital gold narrative has passed a critical test.

"Market sell-offs are deepening due to Donald Trump's ongoing tariff wars, and a sharp correction is occurring in cryptocurrency prices. The decline may deepen further in the face of excessive speculation and overvaluation in the crypto space.

For example, look at Dogecoin, it still has a market cap of 20 billion dollars but it should drop to zero. The entire sector needs to be cleaned up just like the dot-com bubble did. Here, Bitcoin could also get dumped to 10,000 dollars.

Don't Expect a Quick Recovery in Bitcoin!

McGlone, who argues that BTC could get dumped to $10,000, also warned investors not to expect a quick recovery.

At this point, the analyst warned investors that they should not expect a rapid and V-shaped recovery like after the COVID-19 crash.

McGlone, who added that this warning does not mean to ignore opportunities, stated that investors may look for long-term opportunities during the downturn and advised them to be prepared for a longer recovery process.