Bitcoin could return to the level of $10,000, according to Mike McGlone, strategist at Bloomberg Intelligence. McGlone links the risk to the decrease in demand drivers and the reduction in purchasing power. His perspective focuses on capital timing, concentration of ownership, and the absence of stable replacement demand at current prices.
In a post on X, McGlone states that major advances in the price of Bitcoin have followed clear phases of accumulation. Large buyers entered early and absorbed the available supply. This process raised prices without requiring constant inflows of new participants. Once these phases were completed, price support weakened.
BTC
87,089.54
+0.75%
PAXG
--
--