A familiar voice is back with a familiar yet controversial call for Bitcoin .
Mike McGlone, senior commodities strategist at Bloomberg Intelligence, reiterated that Bitcoin could fall to $10,000.
But this time, he drew a very clear line in the sand: $75,000.
If Bitcoin recovers decisively and holds these levels, the bearish thesis will be broken. If not, McGlone’s view is that the path of least resistance is a sharp move lower, with prices all the way to $10,000, levels last seen in early 2020.
$10,000 magnet
McGlone’s ultra-pessimistic prediction of a stock price plummeting to $10,000 isn’t new. It has been circulating for weeks and is based more on market structure than short-term catalysts.
The cryptocurrency hovered around $10,000 for an extended period before massive fiat liquidity hit the market following the coronavirus-induced crash of 2020. That era of zero interest rates, stimulus checks and aggressive central bank liquidity easing led to unprecedented risk-taking in all corners of financial markets. It played a major role in pushing BTC above $10,000 permanently.
McGlone noted on LinkedIn: “Bitcoin was hovering around $10,000 before the largest influx of money in history in 2020-21, and a pullback is likely. Around $10,000 is also the most heavily traded price for the first cryptocurrency since the launch of futures in 2017.”
With the era of abundant liquidity behind him, McGlone said Bitcoin could return to what he sees as its equilibrium price — around $10,000.
He said $10,000 has been the most heavily traded price area since CME futures began trading in 2017. In other words, $10,000 isn’t just a round number – it’s a huge number based on historical volume.
McGlone also noted that the explosive growth of the cryptocurrency market could be a drag on Bitcoin. In 2017, Bitcoin largely defined the space, but now millions of coins are vying for attention and taking capital away from industry leaders. In his view, the supply surge has become a structural headwind rather than a tailwind.
“Unlimited cryptocurrency supply and use-case competitors are headwinds for Bitcoin,” McGlone said on LinkedIn, adding that stablecoins represent the “most enduring trend” in the cryptocurrency space. He expects Ethereum to become larger than Ethereum and eventually surpass Bitcoin.
“I expect this ‘flip’ to continue, with Tether surpassing Ethereum in AUM in 2026 and eventually surpassing Bitcoin,” he said.
$75K Expiration Level
McGlone’s pessimistic forecast hinges on whether prices remain below $75,000. This level represents a major turning point in market trends over the past 12 months. The March-April 2025 slide ran out of steam around $75,000, while the early 2024 rally stalled here. Additionally, $75,000 corresponds to the key Fibonacci retracement level.
Think of it as a market ruling threshold. If Bitcoin sustains above this level, it would suggest that Bitcoin has re-established strong structural demand, ending the downtrend that began in October with a high above $126,000. This means that institutional flows, macro conditions, or both are strong enough to overturn his regression argument.
If it fails to reach that target — or is rejected again — then the argument flips: Bitcoin could still be stuck on a long-term slide to $10,000.