Bloomberg senior strategist Mike McGlone has issued a cautionary prediction regarding Bitcoin (BTC), suggesting that the leading cryptocurrency could undergo a significant decline, potentially revisiting the $10,000 mark. In a recent post on the social media platform X, McGlone identified this price level as a historical reference point, emphasizing its prevalence before the major 2020-21 rally and its importance since futures trading commenced in 2017.
Describing his outlook as part of a “bursting crypto bubble” scenario, McGlone’s forecast diverges sharply from the prevailing sentiments among many analysts, who anticipate that Bitcoin could find a bottom this year around $38,000—substantially higher than McGlone’s projection. Should Bitcoin plummet to $10,000, it would represent a staggering 92% decline from its current trading price and would be significantly lower than the previous bear market’s low of approximately $15,000.
McGlone’s expectation stands in stark contrast to historical trends observed in previous post-Halving cycles, which tend to show that corrections after Halving events produce higher lows. A downward shift to $10,000 would break this trend, representing a notable reversal far beneath prior market lows. McGlone argues, however, that structural and behavioral changes in the market since the 2020-21 era could be pushing Bitcoin back toward older norms centered on the $10,000 price point.
Amid these long-term projections, Bitcoin currently finds itself range-bound, lacking strong directional momentum. At the time of reporting, the cryptocurrency was valued at approximately $66,938, reflecting a decrease of about 2.5% over the preceding 24 hours. Analysts have noted that escalating geopolitical tensions, particularly surrounding recent comments from President Trump regarding potential military action against Iran, have contributed to a risk-off response in the markets. These developments have dampened hopes for a quick resolution and triggered a pullback within crypto markets.
“Trump’s latest comments on the war with Iran triggered a sharp sell-off amid a lack of de-escalation signs,” stated Alex Kuptsikevich, chief market analyst at FxPro. He noted Bitcoin’s consolidation within a trading range of approximately $66,000 to $69,000.
Further complicating the market landscape, data from CryptoQuant suggests that large holders—commonly referred to as whales—have shifted from accumulation to net selling over the past year. This trend has been cited as a key factor contributing to Bitcoin’s subdued price action. “Onchain data confirms what price action has been telegraphing: there’s zero conviction,” commented Jasper De Maere, a trader at Wintermute.
Adding to the bearish sentiment, institutional flows have also shown weakness, with net inflows to US-listed spot Bitcoin exchange-traded funds (ETFs) turning negative. Reports indicate that about $174 million was withdrawn from these investment vehicles on Wednesday, further hindering price stability and contributing to the asset’s recent retracement.
