Key Points
- Bloomberg analyst Mike McGlone warns that Bitcoin could potentially drop to $10,000 due to an overheated risk market.
- Despite bearish predictions, Bitcoin remains bullish, trading at $84,288.24 with strong technical indicators.
Bloomberg analyst Mike McGlone has recently issued a warning about the potential drop of Bitcoin to $10,000. This prediction comes in the midst of the cryptocurrency’s unpredictable price movements, which have been swinging between bullish and bearish trends.
Bloomberg Analyst’s Bitcoin Warning
McGlone suggests that the risk market is overheating, and this could lead to a significant drop in Bitcoin’s value. He pointed out that while gold continues its upward trajectory, Bitcoin is experiencing a decline. He stated, “Gold is up about the same amount in 2025 to March 13 — about 15% — that Bitcoin is down. But with Bitcoin at about $80,000, what stops those trajectories? About a 6% decline in the S&P 500 could suggest what matters.”
Drawing parallels from history, McGlone noted that Bitcoin emerged during the stock market’s downturn in 2009 following the mortgage crisis. He further stated, “$100,000 Bitcoin Might Lose a Zero, Favoring Gold – #Bitcoin was born about when the #stockmarket bottomed in 2009 and has been a leader of one of the greatest risk-asset rallies in history, which may suggest what matters.”
Community Reactions
In response to McGlone’s prediction, Dave Weisberger outlined a worst-case scenario where Bitcoin adoption stalls, gold narrative investors exit, the stock market collapses, and BTC’s beta remains stable. Such conditions, he suggested, could lead to a decline in Bitcoin’s price. However, he dismissed these possibilities, stating, “Needless to say, I think NONE of the above will happen with a CHANCE the stock market crashes, which, of course, would trigger a flood of liquidity…”
Despite market concerns and bearish predictions, Bitcoin has shown resilience. Currently trading at $84,288.24, Bitcoin has gained 0.46% in the past 24 hours. Technical indicators suggest that Bitcoin remains in a bullish phase, indicating potential upward momentum. Therefore, despite the skepticism, market dynamics suggest that Bitcoin’s trajectory is still unfolding.
