Bitcoin Collapse to $10,000 Could Be Real, per Mike McGlone's Crucial Warning

The cryptocurrency market is no stranger to bold predictions, and the latest comes from Bloomberg Intelligence’s senior macro strategist, Mike McGlone, who has issued a stark warning about Bitcoin’s potential downside. According to McGlone, the world’s largest cryptocurrency could face a significant collapse, potentially falling to the $10,000 level—a scenario that has sparked heated debate within the crypto community.

Why $10,000?

McGlone’s analysis is rooted in the broader macro-economic landscape, where tightening monetary policies, rising U.S. Treasury yields, and concerns about liquidity pose serious challenges for risk assets like Bitcoin. He suggests that while Bitcoin has long been considered “digital gold,” its behavior during recent market turbulence shows it is still highly correlated with the stock market, especially tech-heavy indices such as the Nasdaq.

In such an environment, Bitcoin could struggle to maintain its current support levels. If selling pressure continues, a slide toward the psychological threshold of $10,000 may not be out of the question.

History Repeats?

Bitcoin has weathered severe corrections before. In 2018, after the 2017 bull run, Bitcoin plunged more than 80% from its all-time high, bottoming out near $3,200. Similarly, in 2022, the crypto winter dragged prices from above $68,000 down to below $16,000.

These precedents show that extreme volatility is part of Bitcoin’s DNA, and even sharp drawdowns don’t necessarily spell the end of its long-term growth story.

Bull vs. Bear Sentiment

Bears argue that ongoing regulatory scrutiny, tighter liquidity, and macroeconomic headwinds could push Bitcoin much lower.

Bulls, on the other hand, maintain that institutional adoption, growing interest in Bitcoin ETFs, and its limited supply continue to strengthen the long-term fundamentals. For them, dips—even extreme ones—are opportunities to accumulate.