Bloomberg’s senior commodity strategist Mike McGlone has issued a stark warning about Bitcoin’s future, suggesting that the leading cryptocurrency could retrace to $10,000, despite currently trading near $110,000.
The Historical Context
McGlone pointed back to the 2008 financial crisis, which paved the way for Bitcoin’s creation and eventually led to the rise of millions of other digital assets. Today, more than 20 million tokens are listed on CoinMarketCap, highlighting how far the industry has expanded since BTC’s launch.
The Risk of Overextension
According to McGlone, Bitcoin is showing signs of being overstretched relative to traditional safe-haven assets such as gold and equity indices like the S&P 500. He warned that the market may be entering a bubble-like phase, where a sharp correction—or “normal reversion”—could drive Bitcoin prices back to the $10,000 zone.
Bitcoin vs. Gold
McGlone also compared Bitcoin directly with gold. The BTC/gold ratio is currently around 35 (meaning one Bitcoin equals 35 ounces of gold). However, he suggested this ratio may slip to 25, citing a typical downward adjustment often seen in commodity markets.
Contrasting View: A Bullish Forecast
Not everyone shares McGlone’s bearish stance. Prominent venture capitalist Tim Draper has reiterated his bold prediction that Bitcoin could surge to $250,000 before the end of 2025.
Draper attributes this potential rally to growing institutional adoption. He notes that major banks and corporations are now actively exploring Bitcoin custody solutions and adding $BTC to their balance sheets. What was once dismissed by boardrooms as unrealistic is now being embraced as a serious long-term asset.
In Draper’s words:
> “It’s becoming irresponsible not to own Bitcoin.”
Conclusion
While McGlone highlights the possibility of a sharp drop to $10,000 due to overvaluation, Draper envisions a parabolic rise to $250,000 fueled by institutional demand. With such opposing forecasts, Bitcoin’s next move remains highly uncertain—but one
thing is clear: volatility is here to stay.
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