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

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by Giorgi Kostiuk

a year 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.

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