Bitcoin hits weekly low on oil fears as analyst teases $10K BTC price target

Bitcoin (BTC) gained a $10,000 price warning as stocks took a fresh hit over oil-supply fears at Thursday’s Wall Street open.

Key points:

• $10,000 BTC prices may return as the market struggles to hold ground, says new analysis.

• Bitcoin and US stocks take a further beating as markets discount the odds of the Strait of Hormuz returning to “normal.”

• Oil spikes to $114 per barrel in a volatile Wall Street open.

BTC price “may be reverting” to $10,000

Data from TradingView tracked BTC price action as it dipped below $66,000 to reach week-to-date lows.

Bitcoin continued to field warnings from market participants over short-term and long-term price performance.

In his latest analysis, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, even saw $10,000 coming back into play for BTC/USD.

“Before the biggest money pump in history in 2020-21, Bitcoin hovered around $10,000, and it may be reverting,” he wrote in a summary on X. 

McGlone argued that $10,000 had particular importance as the point at which Bitcoin futures markets first began trading almost a decade ago.

Data from CoinGlass meanwhile put 24-hour crypto liquidations at over $400 million on Thursday.

Oil surges over supply woes as Bitcoin falls

US equities came under considerable pressure at the open, with the Nasdaq Composite Index down by more than 2% at the time of writing.

Related: US recession odds near 50%: Can Bitcoin copy 2020 comeback gains?

Gold found cause for a modest rebound after its own comedown earlier, with oil supplies through the Strait of Hormuz in the spotlight. WTI crude spiked to $114 per barrel as the US session began.

Reacting, trading resource The Kobeissi Letter said that US inflation could hit 3.6% if prices sustained for two months.

“This would put US inflation at its highest level since September 2023,” it wrote on X.

Prediction platform Kalshi showed declining odds of oil traffic reverting to “normal” levels this year.

The volatility came as markets returned following an address to the nation by US President Donald Trump. As Cointelegraph reported, markets were disappointed by the event as Trump avoided key deescalation promises.

Kobeissi founder Adam Kobeissi called the address the “most puzzling part of the Iran War yet.”

“It began with Iran's President stating they have "no enmity" towards Americans and ended with President Trump escalating the Iran War, the exact opposite of what we have seen over the last 2 weeks from both sides,” he told X followers.