A 20% decline in the S&P 500 could trigger Bitcoin to drop toward its historical support level of $10,000, according to Mike McGlone, macro strategist at Bloomberg Intelligence. The adjusted Bitcoin index has fallen to 7,648, declining faster than other commodity and equity instruments. This bearish outlook is driven by the end of the cheap-money era, persistently high interest rates set by central banks, and rising government bond yields, which are redirecting capital toward tangible defensive assets like gold, which settled above $5,000 per ounce in the first quarter.
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