CMC News

Bitcoin May Hit $10K as Market Excesses Unwind, Says Bloomberg

Bloomberg Intelligence Senior Commodities Strategist Mike McGlone said on Sunday that $BTC could fall to $10,000 this year. He described the move as a likely outcome if the unwinding of #pandemic-era market excesses continues. He repeated the forecast on Monday during an appearance on The Wolf Of All Streets Podcast with host Scott Melker.

"The biggest money pump in history may be unwinding," McGlone wrote in a LinkedIn post. He said $10,000 is where he expects #Bitcoin to land in this environment. That price level would be the lowest for the asset since July 2020, a point it crossed roughly 69 months ago.

$BTC was trading at around $70,000 as of Monday. A move to $10,000 from that level would represent a decline of more than 85%. At that price, Bitcoin's total market #capitalization would fall to approximately $200 billion.

McGlone identified $75,000 as a critical threshold. He said that if $BTC manages to hold above that level, it could prove his forecast wrong. Last month, Bitcoin briefly touched $75,600 amid geopolitical tensions before pulling back.

He described $10,000 as Bitcoin's "most traded price since 2017." That was the year Cboe and CME Group launched regulated #futures contracts in the United States. Since then, thousands of new cryptocurrencies have entered the market. McGlone said most of them track no tangible value. He named meme coins like Dogecoin and Shiba Inu as assets that "should be purged down to zero." #crypto

McGlone also addressed Bitcoin exchange-traded funds, which launched in the U.S. in 2024. Many analysts believe the institutional investor base those products introduced will cushion future price declines. McGlone disagreed. He argued that ETFs and options have made $BTC "no longer exciting." He added that growing correlations between crypto and traditional risk assets make Bitcoin more vulnerable to equity market volatility.