- Bloomberg’s Mike McGlone warns of a potential Bitcoin plunge to $10K, citing excessive speculation and global economic instability fueled by trade wars.
- Most experts reject the $10K prediction as extreme, with bullish forecasts projecting Bitcoin to remain above $70K and potentially surge toward $170K in a strong market.
As predicted previously in a CNF post, Standard Chartered Predicts More Pain for Bitcoin, Bitcoin is once again facing turbulence, and this time the threat is sharper than usual. Bitcoin Could Crash to $10K, Bloomberg Analyst Warns Amid Market Turmoil—Market Under Pressure from Tariff Wars and Global Sell-Offs.
Bloomberg Senior Commodity Strategist Mike McGlone has raised a red flag, warning that Bitcoin could plunge all the way to $10,000 amid ongoing global market instability.
Speaking in a recent interview, McGlone attributed this bearish forecast to deepening sell-offs triggered by U.S. President Donald Trump’s aggressive tariff strategy and a broader market reset that seems increasingly likely.
Crypto Speculation Near Bubble Levels
McGlone didn’t hold back in critiquing what he sees as excessive speculation across the digital asset space. Using Dogecoin’s $20 billion market cap as a symbol of the problem, he likened the current environment to the lead-up to the dot-com bubble burst.
In his words, the crypto market needs a “purging”—a painful correction to flush out the froth and restore long-term health. The warning is particularly pointed considering that some digital assets, including meme coins, continue to draw large valuations with little fundamental backing.
ETF Hype Misinterpreted as ‘Digital Gold’
According to McGlone, Bitcoin ETFs have been misunderstood by investors who expected stability but got exposure to high-beta assets instead. He said,
Anybody who bought ETFs is learning the hard way. They didn’t buy digital gold,”
pointing to Bitcoin’s continued correlation with risk assets.
Despite regulatory progress and broader institutional adoption, the price action suggests BTC is far from decoupled from traditional financial markets.
Bitcoin’s Current Price and Market Outlook
With volatility still high and investor sentiment shaken, McGlone’s $10,000 prediction can’t be entirely dismissed. While some traders may find buying opportunities in the dip, most should brace for a longer and bumpier road ahead.
However, according to 37 webpages analyzed via Deepsearch by Grok 3 by xAI, the majority of expert forecasts dismiss the $10,000 scenario.
Given the current price of $79,728.48 and the majority of expert predictions, it is highly unlikely that Bitcoin will sink to $10,000 in the near term. Most forecasts suggest it will remain above $70,000, with potential highs reaching $170,000. While McGlone’s prediction of $10,000 is notable, it is an outlier, and counterarguments suggest it would require extreme global events.
While McGlone’s prediction is notable, it is an outlier. A drop to $10K would likely require a catastrophic economic event or massive black swan scenario.
At the time of writing, Bitcoin (BTC) is trading at approximately $79,485.28, reflecting a 5.68% increase over the past day. See BTC price chart below.
