Bloomberg strategist predicts Bitcoin drops to $10,000
McGlone warns Bitcoin may revisit $10k despite cycle playbook
Bloomberg’s Mike McGlone says Bitcoin could fall back to $10,000. He calls it a return to a long‑used anchor level in his new X post.
He frames $10k as a common price before 2020–21 and one of the most traded zones since futures launched in 2017. He labels the setup a “bursting crypto bubble” scenario on X.
Most analysts see a higher floor. Some map a worst‑case bottom near $38,000 this year, far above McGlone’s call per NewsBTC.
History points the other way. Post‑Halving drawdowns have typically set higher lows versus prior cycles per NewsBTC.
Near term, price action is muted. BTC traded around $66,938, down about 2.5% on the day, with tight consolidation per NewsBTC.
Risk sentiment is fragile. Trump’s latest remarks on strikes against Iran sparked a sell‑off across risk assets. “Trump’s latest comments on the war with Iran triggered a sharp sell‑off amid a lack of de‑escalation signs,” FxPro’s Alex Kuptsikevich told Bloomberg, noting BTC’s $66k–$69k range Bloomberg.
Institutional flows softened. US spot Bitcoin ETFs saw about $174 million in net outflows on Wednesday, adding pressure per NewsBTC.
- Bear case: reversion to $10k as a long‑standing reference level McGlone on X
- Consensus: worst‑case bottoms around $38k this year NewsBTC
- Cycle context: post‑Halving lows usually trend higher NewsBTC
- Macro: Iran tensions weigh on risk assets; BTC stuck near $66k–$69k Bloomberg
- Flows: US spot Bitcoin ETFs saw ~$174m net outflows Wednesday NewsBTC
