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

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.

Rewards

More rewards

Discover enhanced rewards on our social media.

Other news

Bankr Confirms Breach and Pledges Reimbursement

Bankr has confirmed a security breach affecting 14 wallets, leading to unauthorized access and significant losses for users. The platform pledged to cover all losses and advised affected users to check for malware.

Son Min-ho5 minutes ago

Austen Allred's Wallet Drained in Bankr Breach

Tech entrepreneur Austen Allred was a victim of a crypto hack that drained his wallet linked to the Kelly Claude AI assistant. The hacker extracted Ether while leaving his memecoin holdings untouched. The incident occurred on May 19, 2026, on the Bankr platform, which allows users to send plain-language instructions to an AI for executing trades. The breach is believed to be a social engineering scheme. Bankr has temporarily shut down all transaction activities and pledged to reimburse all lost funds.

Zainab Kamara5 minutes ago

Nostr VPN Introduces Peer-to-Peer Architecture for Enhanced Privacy

Nostr VPN introduces a unique peer-to-peer architecture that enhances privacy by eliminating central servers and allowing users to operate their own exit nodes.