Bloomberg senior strategist Mike McGlone has renewed a stark prediction for Bitcoin (BTC), arguing that the market’s leading cryptocurrency could resume a prolonged decline that takes it back toward $10,000.
Why McGlone Sees Bitcoin Heading Back To $10K
In a Thursday post on social media platform X (previously Twitter), McGlone framed the $10,000 level as a long-standing reference point for Bitcoin: it was a common trading price before the 2020–21 rally and has been among the most frequently traded levels since futures began trading in 2017.
McGlone’s view, which he describes as a “bursting crypto bubble” scenario, is a minority stance among market analysts who predict a Bitcoin bottom this year as low as $38,000 in the worst scenario—much higher than the Bloomberg strategist’s price point.
If Bitcoin were to fall from its current trading price to $10,000, the move would represent a roughly 92% drop, taking into account the retrace already seen from its all-time high of $126,000. That would be materially lower than the previous bear-market trough around $15,000.
The idea that Bitcoin could revert toward $10,000 clashes with a common pattern observed in prior post‑Halving cycles. Historically, corrections following Halving rallies have produced higher lows compared with prior cycles.
In that framework, a return to $10,000 would mark an unusually deep reversal well below the low of the last bear market. Still, McGlone contends that significant structural and behavioral shifts around the 2020–21 era mean the market could be reverting to an older norm centered on the $10,000 price point.
Market Worries Mount
Beyond long-term projections, Bitcoin is now range-bound with limited directional confidence. The leading cryptocurrency was trading at $66,938 at the time of writing, down around 2.5% in the previous 24 hours.
Analysts point to heightened geopolitical tension as a near-term catalyst for risk-off moves: President Trump’s recent remarks suggesting intensification of strikes against Iran have reduced hopes for a swift de‑escalation, pressuring risk assets and prompting a pullback in crypto markets.
“Trump’s latest comments on the war with Iran triggered a sharp sell-off amid a lack of de-escalation signs,” Alex Kuptsikevich, chief market analyst at FxPro, told Bloomberg, noting Bitcoin’s consolidation between roughly $66,000 and $69,000.
In addition, CryptoQuant data indicate that large holders — often referred to as whales — have moved from accumulation to net selling over the past year, a trend traders say helps explain the subdued price action.
“Onchain data confirms what price action has been telegraphing: there’s zero conviction,” Jasper De Maere, a trader at Wintermute, commented.
Institutional flows have not been supportive either. Net inflows to US-listed spot Bitcoin exchange-traded funds (ETFs) turned negative on Wednesday, with investors withdrawing about $174 million from those vehicles, contributing to the retracement.
Featured image from OpenArt, chart from TradingView.com
