Bloomberg analyst Mike McGlone believes Bitcoin could drop to $10,000 amid signs of an overheated risk market.
McGlone’s Warning
Mike McGlone highlighted that gold increased by 15% from 2025 to March 13, while Bitcoin decreased by the same percentage. He suggested that a 6% decline in the S&P 500 could halt these trajectories. The analyst also drew parallels to Bitcoin's emergence in 2009 during the market downturn following the mortgage crisis.
Community Reactions
Community reactions to McGlone's prediction have been mixed. Dave Weisberger, for example, proposed a worst-case scenario in which Bitcoin adoption stalls, gold narrative investors exit, the stock market collapses, and Bitcoin's beta remains stable. Under such conditions, Bitcoin's price could decline. However, Weisberger dismissed these possibilities and suggested that the stock market could crash, triggering a flood of liquidity.
Current Bitcoin Market Trends
Despite market concerns and bearish predictions, Bitcoin has shown resilience. Currently trading at $84,288.24, Bitcoin has gained 0.46% in the past 24 hours according to CoinMarketCap. Technical indicators such as the MACD and RSI suggest that Bitcoin remains in a bullish phase, hinting at potential upward momentum.
While skepticism looms, market dynamics indicate that Bitcoin's trajectory is still unfolding.
