Bloomberg Intelligence senior commodity strategist Mike McGlone says Bitcoin could tumble toward $10,000, arguing that global markets are showing stress patterns similar to those seen before the 2008 financial crisis and the 2000–2001 dot-com bust. At the time of reporting, BTC was trading near $63,000 after dropping to around $60,000 on Feb. 5.
Bitcoin has already fallen nearly 50% from its 2025 peak above $126,000. Pressure has been building across the crypto market through large liquidations, exchange-traded fund outflows, and weaker risk appetite. In social media posts published in early February 2026, McGlone tied that pressure to shrinking liquidity, slower growth, and the unwind of speculative excess.
McGlone ties the downside case to tighter liquidity
McGlone said 2026 could be difficult for traders as liquidity fades and macro conditions weaken. He pointed to what he described as post-inflation deflation, reduced central bank support, and years of aggressive risk-taking now being reversed. He also cited possible shifts in U.S. monetary policy, including hawkish appointments and slower rate cuts, as factors that could keep liquidity constrained.
From that setup, he said Bitcoin could revisit levels near $10,000. From current prices, that would imply an additional decline of more than 85%. McGlone made similar warnings in late 2025, when he raised concerns about bubble-like behavior in crypto and the risk of deep corrections. This time, he linked the bearish case more directly to weakness across broader markets.
Derivatives and spot markets show capitulation signals
Not all analysts agree with the $10,000 target, but signs of capitulation are drawing wider attention. On Feb. 6, Real Vision crypto market analyst Jamie Coutts wrote on X that pressure was intensifying in both derivatives and spot trading. He noted that Bitcoin’s Implied Volatility Index had climbed to 88.55, close to the 105 level seen during the FTX collapse.
Coutts also highlighted Coinbase’s eighth-largest daily trading volume on record at $3.34 billion, equal to roughly 54,000 BTC, as traders rushed to reposition. At the same time, the daily relative strength index dropped to 15.64, below readings seen during the March 2020 pandemic crash. He wrote that margin calls and forced liquidations are typical in a capitulation phase, and that market bottoms usually take days or weeks to form rather than appearing in a single session.
$50,000 to $60,000 seen as a possible support zone
Based on historical averages and actual price levels, some analysts argue Bitcoin could find support in the $50,000 to $60,000 range. In that view, the latest drop may be a reset after the sharp gains of 2024 and 2025, not the start of a total collapse.
Risk remains elevated. Another leg down could increase pressure on large corporate holders, mining companies, and highly leveraged traders. With liquidity still limited and confidence weaker, the market is bracing for more volatility in the coming weeks.