Senior commodity strategist at Bloomberg Intelligence, Mike McGlone, has once again issued a stark warning for the cryptocurrency market. According to McGlone, Bitcoin could potentially fall to around $10,000 if current macroeconomic pressures and market dynamics continue to intensify.
closely tracking Bitcoin since 2017 and previously made a bearish prediction during the 2018 crypto downturn. At the time, Bitcoin was trading near $10,000, and he suggested the price could “knock off a zero,” implying a drop toward roughly $1,000.
Although Bitcoin eventually bottomed near $3,000 instead of $1,000, McGlone said the call still captured the broader direction of the market decline.
“I was about 70% right and 30% wrong,” he said, referring to that earlier prediction.
Bitcoin’s most recent cycle saw the asset surge past the $100,000 milestone, fueled by institutional adoption, spot exchange-traded funds (ETFs), and growing integration into the traditional financial system.
However, McGlone argues that these same developments have transformed Bitcoin from a niche digital asset into a fully financialized risk asset, making it more sensitive to global macroeconomic shifts.
According to him, once Bitcoin crossed $100,000, the next logical move in a major downturn could be the reverse of its earlier rally — “dropping a zero” again. That scenario would bring the price close to $10,000.
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One of McGlone’s biggest concerns is the rapid expansion of the cryptocurrency ecosystem.
When Bitcoin was launched in 2009, it was the only cryptocurrency in existence. Today, the digital asset sector includes millions of tokens and projects across different networks.
While Bitcoin itself has a limited supply, McGlone argues the broader crypto market effectively has unlimited supply, which can dilute capital and increase volatility.
Another factor behind McGlone’s bearish outlook is the changing macroeconomic environment.
The massive liquidity injection during the pandemic fueled a historic rally in risk assets, including cryptocurrencies. As global financial conditions tighten and liquidity slows, speculative markets may face stronger downward pressure.
For McGlone, Bitcoin and the wider crypto sector led the rally in risk assets during the liquidity boom. Now, he says they may also lead the downturn.
At the time of writing, Bitcoin has slipped into the red zone and is slightly trading below the $70K level.
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