PANews reported on March 12th, citing CoinDesk, that Mike McGlone, senior commodity strategist at Bloomberg Intelligence, reiterated his bearish view that Bitcoin could fall below $10,000, believing the crypto market is still in a long-term macro-driven correction. McGlone pointed out that as institutional participation increases, Bitcoin's correlation with speculative assets strengthens, weakening its function as a traditional market-independent hedging tool, and the current market needs to undergo a clearing process from excessive speculation.

Several analysts refuted this claim. The CEO of Quantum Economics stated that Bitcoin would need extreme events such as a global liquidity crisis, nuclear war, and internet shutdowns to reach $10,000. AdLunam analysts believe that a drop to $28,000 might require a global liquidity crunch or broader financial stress. A senior market analyst at PrimeXBT predicts Bitcoin will consolidate in the $60,000 to $70,000 range, with the next major accumulation zone likely between $30,000 and $40,000, but a $10,000 target is extremely unlikely. Some analysts point out that Bitcoin completed its major bear market correction in 2022, and the current price has retraced about 50% from its historical high, potentially indicating a bottom has been reached.