Bloomberg's McGlone: Bitcoin Could Fall to $10K
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Mike McGlone, Bloomberg Intelligence's Senior Commodities Strategist, reiterated his call that Bitcoin could fall to $10,000 this year — a price the asset last touched in July 2020, roughly 69 months ago.
- With Bitcoin trading around $70,000 on Monday, hitting McGlone's target would require an 85% drop that would shrink its market cap from $1.4 trillion to roughly $200 billion, per CoinGecko.
- McGlone identified $75,000 as his invalidation point — a level Bitcoin briefly hit at $75,600 last month amid geopolitical tensions before retreating — saying the thesis breaks if the price holds above that threshold.
- Since hitting an all-time high above $126,000 in October, Bitcoin has already plunged 45%, and McGlone described the current selloff as a "purging" of post-liquidity excess in the crypto market.
- McGlone blamed the flood of millions of new cryptocurrencies for diluting Bitcoin's dominance, singling out meme coins like Dogecoin and Shiba Inu as tokens that "should be purged down to zero."
- McGlone wagered that Tether's USDT — the third-largest digital asset at $184 billion, behind Bitcoin's $1.4 trillion and Ethereum's $261 billion — will eventually overtake both to become crypto's dominant asset, calling dollar-pegged stablecoins the space's "most enduring trend."
Why it matters: If McGlone's $10,000 call plays out, Bitcoin's market cap collapses from $1.4 trillion to roughly $200 billion, putting it in the same league as Tether's $184 billion USDT — a dramatic reversal from the asset's $126,000 October peak. The $75,000 level McGlone himself flagged as his invalidation point is now the concrete line investors should watch.
