Bloomberg’s McGlone warns Bitcoin could fall below $10,000 amid deflation
Bloomberg Intelligence’s Mike McGlone warns that Bitcoin could fall back toward $10,000, potentially lower. He ties it to a deflationary macro unwind and a coming rise in equity volatility.
In an interview with EllioTrades, McGlone reiterated his “lop off a zero” call for Bitcoin and framed it as a cross‑asset risk view, not a pure crypto-cycle forecast. Interview • NewsBTC recap.
He says Bitcoin now trades inside the same risk regime as equities and commodities. “Bitcoin was one in 2009 and now there’s 37 million cryptocurrencies… They led the way up… Now they’re leading the way lower.” Interview.
McGlone expects a post‑inflation, deflationary phase. Bonds to outperform. He argues energy, metals, and crypto volatility hasn’t fully hit stocks yet, but will, pulling both equities and digital assets into a deeper correction. Interview.
His $10k level is not a precise cycle low. He calls it Bitcoin’s most important long‑duration trading zone from 2019–2020 and a price area with heavy historical activity. “My premise is we’re going back to that level.” Interview.
He singles out stablecoins as structural winners because they “track something physical,” the dollar and Treasuries. He points to the growth of Tether (USDT) and crypto‑dollar supply as evidence. NewsBTC on stablecoins.
McGlone says the speculative excess of 2024–2025 — memecoins, ETFs, and post‑election enthusiasm around Donald Trump — may have marked a durable top. “These risk assets have to prove me wrong.” Context • Interview.
EllioTrades pushed back. He argued Bitcoin can still act as a debasement hedge and that stablecoin‑based agentic commerce, privacy use cases, and a post‑washout set of survivors could drive recovery. Interview.
McGlone doesn’t rule out a bottom eventually. But he says crypto still trades like risk assets in a bear phase. Until equities correct meaningfully and stay down, he treats rallies with caution. Interview.
At press time, Bitcoin was $69,890.
