Source: Cointelegraph Original: "{title}"

In the midst of global market chaos, Bloomberg senior commodity strategist Mike McGlone warns that more turbulence may be on the horizon.

In an exclusive interview with Cointelegraph, McGlone pointed out that the deep sell-off in the market has exacerbated the impact of U.S. President Donald Trump's ongoing trade war, predicting a significant correction for crypto assets. He forecasts that Bitcoin could drop to $10,000 due to excessive speculation and overvaluation in the digital asset space.

“Look at Dogecoin — it still has a market cap of $20 billion. It should go to zero. The entire space needs to be cleaned up, just like the internet bubble.”

According to McGlone, Bitcoin's current price may face significant downward pressure as part of a broader market reset. Despite a relatively supportive regulatory environment, he warns that Bitcoin's "digital gold" narrative is undergoing a stress test.

“Anyone buying ETFs is experiencing a painful lesson. What they bought is not digital gold, but more leveraged beta value. That’s the reality.”

McGlone also noted that savvy traders may still find opportunities. However, investors should prepare for a longer recovery process rather than the quick "V-shaped" rebound seen after the COVID-19 market crash in March 2020.

He believes that the stock market has risen too quickly relative to U.S. economic growth — now, a reset seems inevitable.

“At that time, the U.S. stock market was about 1.5 times GDP. We soared to about 2.2 times GDP. The market has risen too high.”

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