Bloomberg senior strategist Mike McGlone has renewed a stark prediction for Bitcoin (BTC), arguing that the market’s leading cryptocurrency could resume a prolonged decline that takes it back toward $10,000.
Why McGlone Sees Bitcoin Heading Back To $10KIf Bitcoin were to fall from its current trading price to $10,000, the move would represent a roughly 92% drop, taking into account the retrace already seen from its all-time high of $126,000. That would be materially lower than the previous bear-market trough around $15,000.
In that framework, a return to $10,000 would mark an unusually deep reversal well below the low of the last bear market. Still, McGlone contends that significant structural and behavioral shifts around the 2020–21 era mean the market could be reverting to an older norm centered on the $10,000 price point.
Market Worries MountAnalysts point to heightened geopolitical tension as a near-term catalyst for risk-off moves: President Trump’s recent remarks suggesting intensification of strikes against Iran have reduced hopes for a swift de‑escalation, pressuring risk assets and prompting a pullback in crypto markets.
In addition, CryptoQuant data indicate that large holders — often referred to as whales — have moved from accumulation to net selling over the past year, a trend traders say helps explain the subdued price action.
“Onchain data confirms what price action has been telegraphing: there’s zero conviction,” Jasper De Maere, a trader at Wintermute, commented.
Featured image from OpenArt, chart from TradingView.com
