Last updated on May 12th, 2026 at 08:19 pm
Bloomberg Intelligence senior commodity strategist Mike McGlone has doubled down on his bearish outlook, warning that Bitcoin ($BTC) could plummet to $10,000 in 2026.
Speaking in a recent interview, McGlone suggested the crypto market remains in a “prolonged macro-driven correction phase.” He argues that the flagship digital asset, which recently reclaimed the $70,000 level, is vulnerable to a “great reversion” as broader economic liquidity continues to dry up.
McGlone’s thesis centres on the idea that the buy the dips mantra, which has dominated markets since 2008, may finally be over. He cites a century-high ratio of stock market capitalisation to U.S. GDP and waning euphoria around crypto policy as primary catalysts for a potential 90% drawdown. According to the strategist, Bitcoin acted as the “tip of the risk-asset iceberg” during the post-2020 speculative mania and may now lead the way down as the global economy enters a deflationary deleveraging cycle.
Why is Bitcoin predicted to fall to $10,000?
The $10,000 target serves as a statistical anchor for McGlone, representing the levels seen before the massive influx of excess liquidity in 2020. He notes that while gold has only a few major competitors like silver and platinum, Bitcoin now faces “millions of digital-asset competitors” that dilute capital within the space. If the U.S. stock market faces a significant correction, which McGlone expects, Bitcoin’s high beta suggests it will struggle to maintain its current support levels.
What are other analysts saying about the Bitcoin price?
Not all experts share this “McGloom” outlook. Conversely, Arthur Hayes predicts a bullish shift: escalating U.S.-Iran conflict may force the Fed to ease monetary policy. Historically, this geopolitical catalyst leads to money printing, which Hayes believes will ultimately fuel a significant crypto rally. Currently, the market remains volatile within the $60,000 to $74,000 range, with many traders looking toward the next halving cycle for a bullish reversal rather than a crash.
This development follows growing institutional adoption of cryptocurrencies such as Bitcoin ($BTC) and Ethereum ($ETH), signalling a broader shift toward mainstream financial integration.
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