Mike McGlone is back. The senior commodity strategist at Bloomberg Intelligence is once again warning that bitcoin could plunge to $10,000. But this time he has drawn a clear line: $75,000.
If bitcoin decisively reclaims and holds above $75,000, the bearish case collapses. If it fails, McGlone sees the path of least resistance leading sharply lower, all the way back to $10,000 — a level last seen in early 2020.
The $75,000 lifeline
McGlone's ultra-bearish call isn't new. It has circulated for weeks, rooted more in market structure than short-term catalysts.
Bitcoin spent a prolonged period around $10,000 before the post-COVID flood of fiat liquidity — zero rates, stimulus checks, central bank easing — ignited risk-taking across asset classes. That wave permanently lifted BTC above $10,000.
“Before the biggest money pump in history in 2020-21, Bitcoin hovered around $10,000, and it may be reverting. Roughly $10,000 is also the first-born crypto's most traded price since 2017, when futures were launched,” McGlone noted on LinkedIn.
With abundant liquidity now receding, he suggests bitcoin could revert to what he calls its equilibrium price — around $10,000, the most heavily traded zone since CME futures debuted. It's not just a round number; massive historical volume sits there.
Crypto supply glut as headwind
McGlone also argues that the explosive growth of the crypto market itself drags on bitcoin. In 2017, bitcoin dominated the space. Now millions of tokens compete for capital, diluting the leader's share. That supply surge has become a structural headwind, not a tailwind.
“Unlimited crypto supply and use-case rivals are Bitcoin headwinds,” McGlone said. He added that stablecoins represent “the most enduring trend” in crypto. He expects Tether's AUM to surpass Ethereum's by 2026 and eventually bitcoin's — a “flippening” that continues. (In his LinkedIn post, he also stated: “I expect ether to become bigger than ether and eventually bitcoin,” a likely typo that nonetheless underscores his view on Tether's dominance.)
No conclusion; the facts stand.