Bloomberg Intelligence strategist Mike McGlone is maintaining his bearish stance on bitcoin, reiterating a call that the cryptocurrency could decline to approximately $10,000. McGlone considers that price level to be bitcoin’s long-term equilibrium value. The warning comes as bitcoin continues to face scrutiny over its ability to hold key price levels.
Central to McGlone’s thesis is bitcoin’s failure to decisively reclaim and sustain a position above $75,000. He identifies that figure as a critical technical and psychological threshold for the asset. Until bitcoin can hold above that level convincingly, McGlone sees the bearish case remaining intact.
McGlone notes that a sustained break above $75,000 would invalidate his bearish outlook. In that scenario, the strategist’s long-term equilibrium argument would come under pressure. For now, however, he views the current price action as consistent with a broader downward trajectory toward the $10,000 target.
Originally reported by CoinDesk.
