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Bloomberg analyst predicts Bitcoin could sink back to $10,000
Diving into the chaos of global markets, Bloomberg Senior Commodity Strategist Mike McGlone warns more turmoil could be on the way.In an exclusive interview with Cointelegraph, McGlone points to deepening market sell-offs, intensified by US President Donald Trump’s ongoing tariff wars, and forecasts a sharp correction in crypto assets. He predicts Bitcoin could tumble to $10,000, citing excessive speculation and overvaluation within the digital asset space."Look at Dogecoin — it still has a $20 billion market cap. It should go to zero. The whole space needs purging, just like the dot-com bubble did."According to McGlone, Bitcoin’s current price could face significant downward pressure as part of the broader market resets. Despite the relatively supportive regulatory environment, he cautions that Bitcoin’s “digital gold” narrative is facing a stress test.“Anybody who bought ETFs is learning the hard way. They did not buy digital gold. They bought more of a value of leveraged beta. That's a fact.”McGlone also noted that sharp-eyed traders may still find pockets of opportunities. However, investors should be prepared for a more extended recovery process rather than a quick “V-shaped” rebound like the one seen after the COVID-19 market crash. The stock market, he argues, has grown disproportionately large relative to the US economy — and now, a reset appears inevitable.“Back then, the US stock market was around 1.5 to GDP. We popped up to 2.2 or so to GDP. Markets just got too high.”To gain deeper insights into his analysis and hear more of his predictions, make sure to watch Cointelegraph's full interview.
Diving into the chaos of global markets, Bloomberg Senior Commodity Strategist Mike McGlone warns more turmoil could be on the way.
In an exclusive interview with Cointelegraph, McGlone points to deepening market sell-offs, intensified by US President Donald Trump’s ongoing tariff wars, and forecasts a sharp correction in crypto assets. He predicts Bitcoin could tumble to $10,000, citing excessive speculation and overvaluation within the digital asset space.
"Look at Dogecoin — it still has a $20 billion market cap. It should go to zero. The whole space needs purging, just like the dot-com bubble did."
According to McGlone, Bitcoin’s current price could face significant downward pressure as part of the broader market resets. Despite the relatively supportive regulatory environment, he cautions that Bitcoin’s “digital gold” narrative is facing a stress test.
“Anybody who bought ETFs is learning the hard way. They did not buy digital gold. They bought more of a value of leveraged beta. That's a fact.”
McGlone also noted that sharp-eyed traders may still find pockets of opportunities. However, investors should be prepared for a more extended recovery process rather than a quick “V-shaped” rebound like the one seen after the COVID-19 market crash.
The stock market, he argues, has grown disproportionately large relative to the US economy — and now, a reset appears inevitable.
“Back then, the US stock market was around 1.5 to GDP. We popped up to 2.2 or so to GDP. Markets just got too high.”
To gain deeper insights into his analysis and hear more of his predictions, make sure to watch Cointelegraph's full interview.
