Bloomberg Intelligence Senior Commodities Strategist Mike McGlone has reiterated his warning that Bitcoin’s price could collapse to $10,000, a level not seen since July 2020. In a post on LinkedIn, McGlone suggested that what he describes as the largest monetary stimulus in history may now be reversing course. With Bitcoin trading near $70,000 on Monday, reaching that target would require a decline of more than 85%. At $10,000, Bitcoin’s market capitalization would stand at roughly $200 billion, compared to $1.4 trillion currently, according to CoinGecko.
McGlone did acknowledge a scenario in which Bitcoin could invalidate his bearish outlook. He identified $75,000 as a critical threshold, noting that if the asset holds above that level, his forecast may not materialize. Last month, Bitcoin briefly climbed to $75,600 amid rising geopolitical tensions before pulling back. The digital asset has since fallen approximately 45% from its all-time high above $126,000, reached in October.
The strategist pointed to $10,000 as Bitcoin’s most actively traded price since 2017, the year that regulated futures contracts were introduced in the United States by Cboe and CME Group. He also highlighted the rapid expansion of the broader cryptocurrency market since then, noting that many newer digital assets track little in the way of tangible value. McGlone argued that this proliferation of cryptocurrencies, including meme coins such as Dogecoin and Shiba Inu, has diluted Bitcoin’s standing and that such tokens should ultimately fall to zero.
Speaking on The Wolf Of All Streets Podcast with host Scott Melker, McGlone framed his warning as a matter of responsibility rather than pessimism. He described seeing a metaphorical hurricane approaching and said it was his duty to alert investors. In a separate interview with YouTuber EllioTrades last month, he characterized the current crypto downturn as a necessary purging of excesses that built up during a period of extraordinary market liquidity.
McGlone also addressed the structural changes that have accompanied Bitcoin’s growing financialization. The launch of spot Bitcoin exchange-traded funds in 2024 has been cited by many analysts as a development that could soften future price declines by attracting a wider and more stable investor base, including institutional participants. McGlone, however, contends that this mainstream integration has stripped Bitcoin of its speculative appeal, stating that the asset is “no longer exciting.” He also warned that increasing correlation between risk assets could leave Bitcoin exposed to broader stock market volatility.
On the question of which digital asset may ultimately prevail, McGlone pointed to dollar-pegged stablecoins as the most durable trend in the space. He suggested that Tether‘s USDT, currently valued at $184 billion, could eventually surpass all other digital assets by market capitalization. As things stand, USDT remains the third-largest digital asset, well behind Bitcoin’s $1.4 trillion market cap and Ethereum‘s $261 billion valuation. Despite McGlone’s outlook, some analysts maintain that Bitcoin’s price has already found a floor during its recent decline.
Originally reported by Decrypt.
