Mike McGlone, senior commodity strategist at Bloomberg Intelligence, is sticking to his controversial call that bitcoin could fall to $10,000. In an interview with EllioTrades, he warned that the crypto bear market might not be over and that bitcoin remains vulnerable if global risk assets reprice sharply. McGlone believes bitcoin's growing correlation with traditional speculative assets has eroded its narrative as a non-correlated hedge.
McGlone's bearish case: deflation, excess supply, incomplete correction
The strategist argued that the crypto sector is trapped in a broader macroeconomic unwind driven by deflationary pressures, excess speculative supply, and what he sees as an unfinished correction in traditional risk markets. He first made the $10,000 call months ago and now doubles down, suggesting that institutional participation has only increased bitcoin's sensitivity to macro shocks.
Market analysts push back: 'nuclear war required'
Mati Greenspan, CEO of Quantum Economics, dismissed the forecast as “silly,” saying: “For an asset like bitcoin, which regularly sees tens to hundreds of billions of dollars in daily trading volume across global markets, to revisit $10,000 we’d need a global liquidity crisis, a nuclear war, and the internet to stop working.”
Jason Fernandes, co-founder at AdLunam, offered a more measured alternative: a drop to $28,000 would require a meaningful contraction in global liquidity or widening credit spreads, but the $10,000 level is “unlikely.” Jonatan Randin, senior analyst at PrimeXBT, also described the $10,000 call as “highly improbable,” though he conceded further downside is possible.
Bitcoin at $70,000: sideways amid crude oil volatility
At press time, bitcoin is trading around $70,000, having moved between $69,000 and $71,000 in the session. The price action briefly correlated with a sharp reversal in crude oil, which dropped $3 per barrel in minutes before recovering. Other major cryptocurrencies, including ETH, SOL and XRP, also saw upward moves. While McGlone's extreme target remains an outlier, the broader debate underscores growing macro sensitivity in crypto markets.