{"id":37926,"date":"2026-03-12T12:00:08","date_gmt":"2026-03-12T12:00:08","guid":{"rendered":"https:\/\/cryptomag.finance\/?p=37926"},"modified":"2026-03-12T12:00:08","modified_gmt":"2026-03-12T12:00:08","slug":"bitcoin-may-still-fall-under-10000-bloombergs-mcglone-warns","status":"publish","type":"post","link":"https:\/\/cryptomag.finance\/?p=37926","title":{"rendered":"Bitcoin May Still Fall Under $10,000, Bloomberg\u2019s McGlone Warns"},"content":{"rendered":"

Bloomberg Intelligence senior commodity strategist Mike McGlone said bitcoin could still fall back toward and potentially below the $10,000 area, arguing that crypto remains trapped in a broader macro unwind tied to deflationary pressure, overstretched risk assets and what he described as excess across the digital-asset complex.<\/p>\n

Speaking in an interview<\/a> with EllioTrades, McGlone reiterated a call<\/a> he first revived when bitcoin was above $100,000: that the market could again \u201clop off a zero.\u201d This time, he framed the thesis less as a pure crypto-cycle forecast and more as a macro view on what happens when speculative assets begin to roll over together.<\/p>\n

The Thesis For $10,000 Bitcoin<\/h2>\n

McGlone\u2019s core argument was that bitcoin is no longer trading as a detached alternative asset. In his telling, it has been absorbed into the same cross-asset risk regime as equities, commodities and broader liquidity conditions. \u201cBitcoin was one in 2009 and now there\u2019s 37 million cryptocurrencies,\u201d he said. \u201cBitcoin was one. So limited supply. But this space led the way up in risk assets\u2026 Now they\u2019re leading the way lower.\u201d<\/p>\n

He tied that view to what he sees as a post-inflation deflationary phase, with bond markets, not crypto, likely to be the next relative winners. McGlone said the sharp move in energy, metals and crypto volatility has not yet fully spilled into equities, but expects that to change. His base case is that stock-market volatility rises materially from still-subdued levels, triggering a deeper correction in both equities and digital assets.<\/p>\n

That, in turn, underpins his bitcoin target. McGlone said he is not identifying $10,000 as a precise cycle low so much as the most important long-duration trading zone in the asset\u2019s history from 2019-2020. \u201cIf you look at the highest most widely traded price in Bitcoin since 2020, maybe even going out to 2019, it\u2019s 10,000 or lower and has a history of fluctuating around 10,000,\u201d he said. \u201cSo my premise is we\u2019re going back to that level.\u201d<\/p>\n

The strategist was especially blunt about the rest of the sector. He argued that stablecoins<\/a> are the only clear structural winners inside crypto because they \u201ctrack something physical,\u201d namely the dollar and Treasury-based collateral. Everything else, he suggested, depends largely on speculative belief. He pointed to the massive growth of Tether and broader crypto-dollar supply as evidence that the base layer of the ecosystem is increasing dollar demand, not appreciation in volatile tokens.<\/p>\n

McGlone also said the speculative excess of 2024 and 2025, amplified by memecoins, ETFs and post-election enthusiasm around Donald Trump<\/a>, may have marked a durable top for the broader asset class. \u201cThe bottom line is these risk assets have to prove me wrong,\u201d he said. \u201cOtherwise, I see us navigating and riding a bear market in equities, a bull market in volatility that\u2019s barely getting started.\u201d<\/p>\n

EllioTrades pushed back on both the magnitude of the bitcoin call and the idea that crypto is effectively \u201cdead,\u201d arguing that Bitcoin could still reassert itself as a debasement hedge and that stablecoin-based agentic commerce, privacy use cases and a post-washout class of surviving projects could support a future recovery. He also argued that, while many tokens may still go to zero, the surviving tokens of the market may follow a familiar purge-and-rebirth pattern seen in earlier cycles.<\/p>\n

McGlone did not rule out that crypto eventually finds a bottom. But his message was that the market is not there yet. For now, he said, bitcoin and the wider complex are still behaving like risk assets in a bear phase and until equities correct more meaningfully and stay down for a while, rallies should be treated with caution rather than as proof that the cycle has turned.<\/p>\n

At press time, Bitcoin traded at $69,890.<\/p>\n

\"Bitcoin<\/p>","protected":false},"excerpt":{"rendered":"

Bloomberg Intelligence senior commodity strategist Mike McGlone said bitcoin could still fall back toward and potentially below the $10,000 area, arguing that crypto remains trapped in a broader macro unwind tied to deflationary pressure, overstretched risk assets and what he described as excess across the digital-asset complex. Speaking in an interview with EllioTrades, McGlone reiterated […]<\/p>\n","protected":false},"author":1,"featured_media":37927,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[45],"tags":[],"class_list":{"0":"post-37926","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin"},"yoast_head":"\nBitcoin May Still Fall Under $10,000, Bloomberg\u2019s McGlone Warns - Cryptomag<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptomag.finance\/?p=37926\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin May Still Fall Under $10,000, Bloomberg\u2019s McGlone Warns - Cryptomag\" \/>\n<meta property=\"og:description\" content=\"Bloomberg Intelligence senior commodity strategist Mike McGlone said bitcoin could still fall back toward and potentially below the $10,000 area, arguing that crypto remains trapped in a broader macro unwind tied to deflationary pressure, overstretched risk assets and what he described as excess across the digital-asset complex. 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