McGlone: a 20% S&P 500 drop could send bitcoin to $10,000
- —McGlone sees BTC resistance at $80,000
- —Futures price in a 0.70% Fed rate hike over the year
- —Over five years, BTC volatility has been three times that of the S&P 500
- —A 20% S&P 500 drop could drag BTC down to $10,000
Why it matters: A warning of correction risk for holders of BTC and high-beta assets if the macro backdrop deteriorates.
Source: Bitcoin.com