Market Forecast by Mike McGlone

Mike McGlone, a Senior Commodity Strategist at Bloomberg Intelligence, has reiterated his prediction that Bitcoin (BTC) could decrease to $10,000. He asserts that the onset of the next bear market in stocks has already begun.

Initially, McGlone made this projection during the first quarter of 2025 when Bitcoin was trading above $100,000, maintaining that his outlook has not changed since then. “The call from 1Q25 with Bitcoin above $100,000 was for it to lose a zero, on the back of a 20% drawdown in the S&P 500 (SPX) that stays down a while, remains my base case,” he shared on X.

Understanding the Implications of a Price Drop

A drop in Bitcoin’s price to “lose a zero” translates to a significant decline of approximately 90%, bringing it down to around $10,000. McGlone highlighted this figure as pivotal for the cryptocurrency, noting, “10,000 Bitcoin is a key pivot.”

He remarked on the correlation between Bitcoin and the stock market, observing that Bitcoin peaked on October 6 of last year, aligning with the Nasdaq’s peak on the exact same date in 2026.

Current Market Performance

As of the latest updates, Bitcoin is trading at $75,830, reflecting a 0.2% increase in the past 24 hours. In contrast, the S&P 500 closed at 7,376 points on Friday, which is about 6% lower than its 52-week high of 7,844. This is still short of the 20% decline that McGlone indicated could push Bitcoin toward the $10,000 level.

Retail sentiment towards Bitcoin has turned bearish, with discussions about the cryptocurrency at average levels on platforms like Stocktwits.

Response from the Crypto Community

McGlone’s assertion has drawn scrutiny from other market analysts, including Scott Melker, a prominent crypto trader known as the “Wolf of All Streets.” In response, Melker pointed out that the current stock market sell-off has not had as severe an impact on Bitcoin as anticipated. He remarked, “Nasdaq entered correction territory today, more than 10% below its recent high,” suggesting that the market had already absorbed part of the losses expected to affect Bitcoin.

Melker further noted, “The case that the Nasdaq or the market dropping 20% would send Bitcoin to $10,000, to me, or something way lower right now does not make any sense because we’re halfway there.”

Conclusion

The ongoing discourse in the cryptocurrency market reflects a divergence of opinions regarding Bitcoin’s trajectory amid anticipated stock market volatility. While McGlone maintains his position that a substantial decline is likely, proponents like Melker advocate for a more tempered view, citing the existing resilience of Bitcoin against market shifts.