Bloomberg Intelligence has released a warning of a potential major sell-off in the cryptocurrency market, with a possible 86% crash in Bitcoin's price. According to their analysis, the historical correlation between Bitcoin and the S&P 500 has broken down, leading to a prediction of a drop to around $10,000.
The analyst compares this situation to the 2018 crash, but notes that today's market includes strong institutional support from ETFs, which might prevent such a steep decline. However, they stress that Bitcoin must reclaim and hold above $75,000 to invalidate this bearish outlook.