Bloomberg's McGlone Predicts Bitcoin Could Plunge to $10,000
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The $10,000 Target
In McGlone's analysis, the $10,000 mark is not just a prediction but a historically significant price level for Bitcoin. He notes that this has been the most widely traded price for the cryptocurrency since 2019-2020, akin to how crude oil has consistently traded around $57 per barrel over the years. He believes that Bitcoin will return to this price point as a result of a broader correction in risk assets, which he expects to intensify. Previously, McGlone had predicted Bitcoin would drop to $1,100 when it was trading at $10,000, and while he was “30% wrong, 70% right” during that cycle, he is now reiterating that Bitcoin must “lop off a zero” from its current valuation.Crypto: A 'Dead' Asset Class
McGlone has characterized the cryptocurrency market as "dead" as an institutional asset class, largely due to its poor performance compared to traditional equities like the S&P 500. The Bloomberg Galaxy Crypto Index has underperformed the S&P 500 since 2017, declining approximately 20% both in 2025 and year-to-date in 2026. He argues that with the existence of an unlimited supply of cryptocurrencies—now numbering over 37 million—there is little incentive for institutional investors to engage with Bitcoin and its peers. He further elaborates that other tokens in the market lack underlying value, which diminishes their investment appeal. According to McGlone, stablecoins like Tether are the only structural winners in the crypto space, primarily because they are backed by real value, namely the US dollar.Market Correlations and Future Outlook
McGlone believes that the correlation between cryptocurrencies and traditional assets has increased significantly, indicating that Bitcoin and other digital assets are now part of a broader market risk regime. He anticipates that rising stock-market volatility will trigger deeper corrections across various asset classes, including Bitcoin, memecoins, and decentralized finance (DeFi) tokens. As market conditions continue to evolve, McGlone cautions that speculative excess driven by trends such as memecoins and exchange-traded funds (ETFs) may have marked a temporary peak for the cryptocurrency sector. He suggests that until equities undergo a substantial correction and maintain lower levels, any rallies in the crypto market should be viewed with skepticism rather than as indicators of a recovery. In summary, McGlone's predictions for Bitcoin's future reflect a cautious and bearish outlook, emphasizing the need for investors to remain vigilant in a market characterized by uncertainty and volatility. The implications of his analysis could resonate through the broader financial landscape, influencing investor sentiment and strategies moving forward.Related articles
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