The only way Bloomberg can win is as a compromise candidate in a contingent election decided by the House.
What about a compromise candidate in the electoral college itself? The Sanders electors throw their support to Bloomberg, because not doing so means the election is thrown to the GOP-controlled House, which would give it to Trump. In exchange, Bloomberg gives the Dems a bunch of Cabinet positions and policy concessions.
I don't see that ending well for America. That may be the only outcome worse than a Trump Presidency. If you thought 1824 was bad, hoo boy...