Bloomberg strategist says Bitcoin may drop to $10,000 after ETF peak
Gold has outrun Bitcoin since US spot ETFs launched. Bloomberg’s Mike McGlone says the gap signals rotation to safety and warns of a slide toward $10,000.
US spot Bitcoin ETFs went live in early 2024. BlackRock’s iShares Bitcoin Trust drew strong inflows and helped lift BTC about 50% according to ETFDB.
Gold rose roughly 135% over the same stretch per GoldPrice.org. McGlone calls that divergence the tell.
He argues the ETF boom marked a late-cycle surge, not a new regime. He frames it as “pump then dump.” His X posts lay out the case.
- BTC peak in 2025: $126,200 per McGlone’s chart
- Current BTC ~$72,000 see BTC page
- Downside target: $10,000, an 86% drop per McGlone
- Gold outperformance since ETF launch: ~135% vs BTC’s ~50% gold data, ETF context
He ties BTC’s apex to a market top. Around the 2025 high, US equities’ total value to GDP hit the highest since 1928. He says that overlap matters in his graphic.
Drivers he cites: ETF inflows, political tailwinds from Trump’s pro-crypto stance documented here, and “peak beta” risk appetite per X.
Institutional fit looks tough, he adds. BTC is about four times more volatile than the S&P 500 in his data source. On a risk-adjusted basis, the S&P has outperformed BTC ETFs since debut, he says S&P reference, analysis.
Timing is open. He doesn’t give a date for $10,000. His view rests on tightening conditions and fading risk, not a clock per X.
Bottom line from him: the ETF catalyst did its job. The cycle may be turning in his words and charts.
