Bloomberg Strategist Predicts Bitcoin Crash to $10,000

Mike McGlone, a senior commodity strategist at Bloomberg, has stirred the crypto community with his latest prediction about Bitcoin’s future price movement.

Reflecting on the recent bearish sentiment that pushed Bitcoin’s value below $80,000, McGlone suggested that the cryptocurrency could eventually return to the $10,000 mark.

He noted that when asset prices keep rising, everyone tends to think of themselves as long-term investors.

McGlone seemed puzzled by how Bitcoin managed to surge from $10,000 to $100,000 back in 2020, attributing the phenomenon to prevailing market trends rather than fundamental factors.

READ MORE:

Crypto Leaders Push for Stablecoin Interest as Lawmakers Debate Regulations

Once known for his pro-Bitcoin stance, McGlone now appears to have shifted his perspective, even mocking Bitcoin’s underlying technology.

He sarcastically remarked that Bitcoin’s tech is supposedly so advanced that Tether, a stablecoin pegged to the dollar, has become the most traded cryptocurrency instead.

McGlone also pointed out that Tether’s market capitalization could soon outpace Ethereum’s, highlighting a shift in the market dynamics.

He believes that risk assets, including cryptocurrencies, might have hit the peak of their speculative cycle, especially as new tariffs create additional pressure on the market.

Alexander Stefanov