Bitcoin's recent 20% price decline has led to mixed market predictions. Bloomberg Intelligence's Senior Commodity Strategist, Mike McGlone, cautioned that if Bitcoin falls below the $100,000 support level, it could further decline to $56,000. McGlone highlighted the symbolic significance of the $100,000 mark and its correlation with the S&P 500, indicating potential impacts on traditional markets. Conversely, Glassnode's on-chain data analysts view the current downturn as a mild correction, noting unrealized losses at 3.1%, which is considerably lower than in previous bear markets.