The price of Bitcoin has been highly volatile lately, with recent fluctuations hinting at a potential bear market. Currently trading below the psychologically important $100,000 level, Bloomberg’s Senior Commodity Strategist Mike McGlone warns more turmoil could be ahead.
McGlone has predicted a sharp correction in crypto assets, noting that Bitcoin could tumble to as low as $10,000.
McGlone’s Stark Bitcoin $10K Crash Warning
In a recent bearish analysis, Bloomberg analyst Mike McGlone shared insights into the potential downside of the Bitcoin price. He presented a grim picture of Bitcoin’s prospects, projecting its possible crash to $10K lows.
“In 2018, I pointed out, when Bitcoin was about 10,000, it was going to drop to zero. I was 70% right, 30% wrong because it went down to 3,000. I’m saying the same thing now. I think it can go back to 10,000. I mean, that includes everything. Going lower, unfortunately, means the stock market. That’s just normal,” McGlone stated.
According to the pundit, “it’s classic peak bull market stuff” that he recalls witnessing back in 1999.
McGlone expects his foreseen Bitcoin steep decline to trickle down into the stock market and volatility to pick up soon.
“You look at the VIX 200-day moving average… It’s averaging about 19.5, and a key fact is 120-day realized volatility in the S&P 500 is around 10%. If we end the year there, not only is it half the VIX, but it’ll be the lowest since 2017. So, I’m expecting this Bitcoin plunge to trickle down into the stock market, volatility to pick up, maybe just get to its average around 16%,” he posited.
Per McGlone, Bitcoin’s significant support level right now lies around $90,000. The pioneer crypto is currently stuck between $90,000 and $100,000, and McGlone is convinced that the support will eventually break down, leading to a drop to $50,000.
“The 200-day moving average has rolled over. MicroStrategy’s 200-day moving average rolled over in August, and so maybe we’ll get a little bounce, maybe get to 100,000, but I think it’s all about responsive sellers,” he observed.
Bitcoin was changing hands at around $91,401 at publication time, reflecting a meagre 0.1% gain over the last 24 hours, according to data from CoinGecko. If the top asset plunges to $10,000, it would represent an 89% correction from the current price. Moreover, it would mark a 92% decrease from its all-time high peak of $126,080 set in October 2025.
Source: https://zycrypto.com/bloomberg-analyst-warns-bitcoin-could-crash-back-to-10000-heres-why/
