Mike McGlone, senior commodity strategist at Bloomberg, has predicted that the price of Bitcoin might potentially plunge to $70,000. 

The widely tracked Bitcoin-to-gold ratio, which measures how many ounces of the yellow metal are required to purchase a single coin, is currently sitting at 28X. However, McGlone expects Bitcoin to keep underperforming this year, with the ratio potentially dropping as low as 21X.

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"My bias is leaning that way, especially if the US stock market reverses some of last year's almost $12 trillion advance," McGlone said. 

Extreme fear returns 

Meanwhile, the Bitcoin market has succumbed to "extreme fear" once again despite the excitement surrounding the creation of a strategic Bitcoin reserve in the U.S. 

Earlier today, Bitcoin plunged to an intraday low of $80,123, according to CoinGecko data. The flagship cryptocurrency is changing hands at $81,321 at press time. 

Broader bearish trend?

Meanwhile, anti-crypto financial commentator Peter Schiff has opined that the correction was overdue, predicting that it will continue for the rest of the decade. "I believe this will be a powerful trend that is long overdue and will likely continue for the rest of the decade," he noted. 

Big short 

According to Lookonchain data, a whale who shorted Bitcoin during the recent price corrections ended up raking in more than $7.5 million worth of unrealized profits. 

The whale in question shorted Bitcoin at $96,500 in February. Notably, the whale placed limit orders to take profit between the $70,000-$74,000 levels.

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