Bitcoin Could Plunge 60% to $10,000 on Recession Fears, Analyst Warns

Bitcoin could plunge over 60% to around $10,000, according to Bloomberg analyst Mike McGlone.

McGlone says Bitcoin's key resistance is $30,000 and liquidity remains negative as global rates keep rising.

A stock market drawdown related to a possible recession is the biggest risk for crypto, per McGlone.

Bitcoin underperformance may reflect fact changes with rising interest rates vs. the zero rates crypto previously enjoyed.

Past Bitcoin swoons have preceded Fed pivots, possibly signaling crypto's leading indicator attributes.