Bitcoin's high correlation with the U.S. stock market, coupled with its greater volatility, makes it increasingly resemble a "stock market puppet," said Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, in an interview with Wealthion on October 1. He noted that Bitcoin has fallen about 4% this year, while the S&P 500 has risen about 3%, and Bitcoin has underperformed the stock market for nearly five years. McGlone added that he still maintains his view that Bitcoin could drop to $10,000 and sees no reason to abandon this prediction at present. He also stated that the broader crypto market is still undergoing a "cleansing."