Bitcoin’s Future: A Controversial Prediction
Once again, a familiar voice has emerged with a bold and somewhat contentious forecast regarding Bitcoin. Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, has reiterated his stance that Bitcoin could plummet to $10,000.
This time, however, he establishes a definitive threshold: $75,000. If Bitcoin manages to recover and consistently hold that level, McGlone believes the bearish outlook could falter. Conversely, if it fails to do so, he foresees a sharper decline, potentially dragging prices down to $10,000, a point not seen since early 2020.
The $10,000 Threshold
McGlone’s dire prediction of a drop to $10,000 isn’t exactly fresh news; it’s a recurring theme he’s discussed over the past weeks, focusing more on market structure than on temporary fluctuations.
Previously, during the significant wave of liquidity driven by the pandemic in 2020, Bitcoin lingered around $10,000 before surging higher due to the consequent economic stimulus and aggressive monetary policies. These factors dramatically influenced the market, cementing Bitcoin’s position above that key threshold.
He mentioned on LinkedIn that prior to the massive cash influx of 2020-2021, Bitcoin was stuck around $10,000. He pointed out that this price point has consistently been the most traded since futures started in 2017.
Now, following a period of excessive liquidity, McGlone theorizes that Bitcoin might return to what he considers an equilibrium price at approximately $10,000.
He emphasized that this figure isn’t a mere guess; it’s a historically significant amount based on trading activity. Additionally, he expressed concerns that the explosive growth of the cryptocurrency market could hinder Bitcoin’s dominance. While it was the defining cryptocurrency back in 2017, it now faces competition from millions of tokens vying for market share, drawing investment away from the leading players.
“The limitless supply of cryptocurrencies and the competition for use cases present challenges for Bitcoin,” he remarked on LinkedIn, noting that stablecoins represent the “most enduring trend” in the space. He even predicted that Ether may eventually surpass Bitcoin in prominence.
McGlone suggested that by 2026, Tether’s assets under management could exceed both Ethereum’s and Bitcoin’s.
The $75,000 Breakpoint
Ultimately, McGlone’s bearish outlook is contingent upon Bitcoin’s price staying below $75,000. This price point has been pivotal over the past year, marking critical shifts in market dynamics. The downturns experienced in March and April 2025 lost steam around this threshold, as did the market rally in early 2024. Notably, $75,000 aligns with a significant Fibonacci retracement level.
This level can be viewed as a crucial market benchmark. Maintaining movement above it would indicate robust structural demand for Bitcoin, effectively ending the downtrend that started from its October highs above $126,000. Such a scenario would suggest that institutional trends or macro conditions might be strong enough to challenge his previous predictions.
On the flip side, should Bitcoin struggle to reach this level again, the implications could be quite severe. The cryptocurrency might find itself trapped in a prolonged decline towards that $10,000 mark.
