McGlone: Bitcoin to $10K Unless It Reclaims $75K
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- Mike McGlone, senior commodity strategist at Bloomberg Intelligence, reiterated his forecast that Bitcoin could fall to ~$10,000 and anchored it to a specific trigger: $75,000 must be reclaimed and held or the bearish thesis stands.
- McGlone frames $10,000 as Bitcoin's 'equilibrium price' — where it hovered before the 2020-21 fiat liquidity surge, and the most heavily traded price zone since CME futures launched in 2017.
- The $75,000 threshold has acted as a repeated inflection point: the March-April 2025 slide found support there, the early 2024 rally stalled there, and the level aligns with key Fibonacci retracement zones.
- Bitcoin peaked above $126,000 in October, and McGlone argues the current downtrend stays intact unless that high is meaningfully retraced above $75,000.
- McGlone cited 'unlimited crypto supply and use-case rivals' as structural headwinds, and predicted the 'flippening' will continue with Tether's AUM overtaking Ethereum in 2026 and eventually Bitcoin itself.
Why it matters: McGlone's framing gives traders a concrete, falsifiable trigger: reclaim and hold $75,000, and the ultra-bearish $10K thesis dies. Fail, and the path of least resistance points back to 2020-era prices — roughly an 85% drop from the current ~$65,800. His argument hinges on the 2020-21 fiat liquidity surge being the anomaly, not the baseline, and on crypto's competitive landscape structurally capping Bitcoin's upside.
