Bloomberg Analyst Mike McGlone Issues Bitcoin Warning, Says BTC Could Crash ‘Even Lower’ Than $10,000
Senior commodity strategist at Bloomberg Intelligence, Mike McGlone, is warning that Bitcoin (BTC) may collapse into the four figures.
In a new interview with crypto trader Elliot Wainman, McGlone says that Bitcoin could collapse below a $10,000 price level due to its greater acceptance by the traditional financial system and the proliferation of digital assets.
“I do believe that the Bitcoin bear market started with the massive excesses of 2024. We went a little bit higher in 2025. And now we’re heading lower…
Once we got through those ETFs (exchange-traded funds), and once we went through that period of Mr. Trump getting elected and that massive pump in prices, that put in the peak. That was my call. I was early. And now we’re still heading in that hangover period. I think it’s going to last a while, and I don’t think it’s going to end until we purge mass in some of these excesses.”
McGlone says he believes the proliferation of crypto investment options is diluting Bitcoin’s value, despite BTC’s limited supply.
[When Bitcoin] was $10,000, I said it was just going to add a zero. Now when we got to $100,000, I said we drop off the zero. But part of the reason for that is all the massive excess of supply in other cryptos.
I get Bitcoin’s got limited supply, but now it’s in the space. It’s been financialized. It’s been ETFs. You can trade numerous options on it, and it’s no longer an exciting asset. I don’t think people realize that yet.”
McGlone believes Bitcoin may decline by more than 86% its current value, a price level last seen in 2020.
“I’m not looking at [$10,000] as a low. It could even get lower.”
Bitcoin is trading for $69,975 at time of writing, up 2% in the last 24 hours.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
The post Bloomberg Analyst Mike McGlone Issues Bitcoin Warning, Says BTC Could Crash ‘Even Lower’ Than $10,000 appeared first on The Daily Hodl.
You May Also Like
Analyst Predicts ‘Uptober’ Rally for BTC Regardless of FOMC Decision
XRP Moves Above $1.40 as Traders Watch Bullish Signals
