Bloomberg Intelligence senior commodity strategist Mike McGlone has repeated his bearish call that Bitcoin could fall below $10,000. He argues that the market is still moving through a broader macro deleveraging cycle driven by deflationary pressure and excess speculative supply, and that the process has not yet run its course. At press time, BTC was trading at $69,852 after briefly moving above $71,000 before pulling back.
Analysts reject the $10,000 scenario
The forecast quickly drew criticism from other industry figures. Quantum Economics founder Mati Greenspan said a return to $10,000 would require a global liquidity crisis on top of nuclear war and a full internet outage, framing the target as far outside any realistic base case. His response was blunt.
AdLunam analyst Jason Fernandes said even a drop to $28,000 would likely require a major contraction in global liquidity rather than an ordinary market setup. PrimeXBT analyst Jonatan Randin took a milder bearish view, saying BTC could gradually retrace toward a $30,000 to $40,000 accumulation zone. If conditions remain stable, he also sees a path where Bitcoin trades in a $60,000 to $70,000 range.
McGlone sticks to the deleveraging thesis
McGlone’s argument follows a familiar line. In his view, crypto markets expanded speculative supply too aggressively over the past several years, creating structural oversupply that still needs to be cleared through deleveraging and the removal of bubble excess before a durable bottom can form. He continues to classify the current environment as a structural bear market and calls for caution.
Greenspan offered a more constructive reading. He said the major low of this bear cycle may already be in place, adding that a 50% drawdown from Bitcoin’s peak has been historically normal and should not automatically be treated as a sign of collapse. The source article also noted that spot ETF inflows and rising institutional allocation have changed Bitcoin’s liquidity profile from earlier cycles, which makes simple comparisons with past drawdown patterns less persuasive.