Bitcoin May Fall to $10,000: Bloomberg Analyst's Opinion

user avatar

by Giorgi Kostiuk

2 years ago

Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, shared his view on the potential drop of Bitcoin's value to the $10,000 level.

Bitcoin Compared to the Internet Bubble

McGlone draws an analogy between the current state of Bitcoin's market and the dot-com bubble of the early 2000s. He believes that the crypto market might face a similar crash to the one that occurred with tech companies on the Nasdaq, which then lost 80% of its value.

New Predictions for Gold and Bitcoin Prices

According to McGlone, gold, Bitcoin's physical rival, is on the rise while the cryptocurrency has declined in price. In 2025, gold increased by 15%, serving as an indicator for investors observing Bitcoin's dynamics, currently around $80,000. U.S. economic policy and geopolitical tensions also influence this trend.

Bitcoin Back to $10,000? Peak Leveraged Beta Risks, Rising Gold... [Gold is] up about 15%... [Bitcoin is] down. What stops those trajectories?

Parallels with the 2009 Crisis

McGlone reminds that Bitcoin was created in 2009 during the mortgage market crisis. Since then, Bitcoin has been a leader of one of the greatest risk-asset rallies in history, but the analyst sees it as a bubble that might burst soon.

Bloomberg's McGlone warns of Bitcoin's potential drop to $10,000, seeing signs of an impending crisis akin to the dot-com bubble of the early 2000s.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Other Crypto Funds Experience Significant Withdrawals

Other cryptocurrency ETF categories, including Solana and XRP, recorded significant withdrawals, indicating a broader trend of selling pressure.

user avatarSatoshi Nakamura

MEGA Plans AI Marketplace Launch for December

MEGA is set to launch an AI inference marketplace in December, allowing customers to access services from various AI model providers.

user avatarNguyen Van Long

MEGA Reduces Workforce to Shift Focus to AI Products

MEGA has laid off 20 employees as part of a restructuring to expand into artificial intelligence, moving beyond its blockchain infrastructure.

user avatarKofi Adjeman

Institutional Withdrawals from Crypto ETFs Reach Over $1 Billion

Institutional demand for crypto ETFs has weakened significantly, with US spot Bitcoin ETFs experiencing over $1 billion in withdrawals for the second consecutive week.

user avatarJesper Sørensen

Ethereum Staking Hits Record Levels Despite Price Drop

Ethereum's staking rate has surged to an all-time high of 36.3% of total supply, even as the price of ETH has fallen to around $2,000.

user avatarRajesh Kumar

Jane Street Boosts Bitcoin ETF Holdings Amid Market Changes

Jane Street has significantly increased its stake in major Bitcoin ETFs, particularly in Fidelity's Wise Origin Bitcoin Fund, reflecting strong client demand and trading activity in the Bitcoin market.

user avatarLucas Weissmann

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.