A familiar voice returns with a familiar and controversial call for Bitcoin .
Mike McGlone, senior commodities strategist at Bloomberg Intelligence, reiterates that bitcoin could fall to $10,000.
But this time, he set a very clear limit: $75,000.
If Bitcoin recovers and maintains this level decisively, the bearish thesis fails. If not, McGlone believes the path of least resistance is significantly lower, with prices falling all the way to $10,000, the level last seen in early 2020.
The $10,000 magnet
McGlone’s ultra-bearish prediction of a crash to $10,000 is not new. It has been around for weeks and is based more on market structure than short-term catalysts.
The cryptocurrency long hovered around $10,000 before a massive wave of fiat liquidity hit markets following the coronavirus-induced crash of 2020. This era of zero interest rates, stimulus checks, and aggressive liquidity easing by central banks ignited unprecedented risk-taking in all corners of the financial markets. It played a major role in pushing BTC above $10,000 for good.
“Before the biggest monetary pump in history in 2020-2021, Bitcoin was hovering around $10,000, and it could be on its way back. Around $10,000 is also the top crypto’s most traded price since 2017, when futures launched,” McGlone noted on LinkedIn.
With this era of abundant liquidity now behind us, McGlone suggests that Bitcoin could return to what he considers its equilibrium price – around $10,000.
According to him, $10,000 is the most traded price zone since 2017 when CME futures began trading. In other words, $10,000 isn’t just a round number: it’s where a huge amount of historical volume sits.
McGlone also points to the explosive growth of the crypto market as a potential drag on Bitcoin. In 2017, Bitcoin largely defined the space, but today millions of tokens are competing for attention and capital from the industry leader. According to him, this increase in supply has become a structural obstacle rather than a tailwind.
“The unlimited supply of crypto and competitors in use cases are headwinds for Bitcoin,” McGlone said on LinkedIn, adding that stablecoins represent “the most sustainable trend” in crypto. He expects ether to become bigger than ether and eventually bitcoin.
“I expect the ‘flippening’ to continue, with Tether’s AUM surpassing Ethereum in 2026 and eventually Bitcoin,” he said.
The $75,000 disability level
McGlone’s bearish forecast is based on prices remaining below $75,000. This level represented a major turning point in market trends over the past 12 months. The March-April 2025 decline petered out at around $75,000, while the early 2024 rally stopped there. Additionally, $75,000 corresponds to key Fibonacci retracement levels.
Think of it as a market verdict threshold. A sustained move above would suggest that Bitcoin has re-established strong structural demand, ending the downtrend that began at the October high above $126,000. This would imply that institutional flows, macroeconomic conditions, or both are strong enough to overturn his reversion thesis.
If you fail to do so – or get rejected again – the argument reverses: Bitcoin could still be trapped in a longer-term decline to $10,000.
