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

Developer Releases 56 Billion TikTok Video Metadata on Hugging Face

A developer known as hashfunction has released a dataset containing metadata for about 56 billion public TikTok videos on Hugging Face.

user avatarMaya Lundqvist

Ongoing Legal Battles Over TikTok Data Scraping Practices

The legality of data scraping from TikTok is currently being challenged in court, with Reddit suing Perplexity and three data-scraping firms for allegedly harvesting content for AI training.

user avatarKaterina Papadopoulou

Fairshake Launches Bipartisan Campaign to Support Pro-Crypto Lawmakers

Fairshake is launching a bipartisan campaign to support 32 incumbent candidates in the House, focusing on those who back the House CLARITY market structure bill, with an initial commitment of $6 million in independent spending.

user avatarLeo van der Veen

Binance Introduces AI-Driven Trading Tools

Binance launches a suite of AI products aimed at enhancing trading experiences for various user levels.

user avatarLi Weicheng

Binance Announces Dividend Reinvestment for Tokenized Stocks

Binance has announced a dividend reinvestment process for holders of its Oracle and Marvell tokenized stocks, where dividends will be reinvested into additional fractions of the same securities.

user avatarAisha Farooq

Cryptocom Enhances Trading with Insilico Terminal Integration

Cryptocom has announced an integration with Insilico Terminal on October 6, allowing users to connect their Cryptocom Exchange accounts directly to Insilico's trading platform.

user avatarLi Weicheng

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.